The Bank of China Financial Technology Center is to be built in Horinger New Area in Hohhot, North China's Inner Mongolia autonomous region, following a foundation stone-laying ceremony which was held on Nov 20, according to Hohhot Daily.

The center, which aims to become China's Financial Cloud Valley, is an important step for the autonomous region in promoting the in-depth integration of modern finance and the digital economy based on the advantages of digital development, and to accelerate the agglomeration and development of financial technology companies.

The total investment of the project is 11.3 billion yuan ($1.72 billion), the planned construction land area is 464 mu (30.93 hectares), and the planned total construction area is 410,000 square meters.

The construction scale of the first phase of the project is about 130,000 square meters. It is planned to meet the installation needs of 310,000 servers.

More than 600 high-end talents from industries such as finance, big data and cloud computing will be employed in the new area.

After completion, it will become an important financial technology center, innovation center and production center for Bank of China in the future.