69 dominant financial innovation projects won innovation awards at the Shanghai Financial Innovation Awards 2015, including the construction and management project of China International Payment System (CIPS).

Commercial banks played an important role among the awarded projects. The innovation and practice of the ‘SPDB+’ Internet finance platform project, developed by Shanghai Pudong Development Bank, won the first prize. The project promoted the transformation from traditional finance asset management to digitalized management.

Banks were among the winners of second prizes, including the Bank of Shanghai, who developed a “long-term win-win interest business for small enterprises” project. The project is a successful transformation and provides equity financing for small and medium-sized technology enterprises.

The Shanghai branches of the Industrial and Commercial Bank of China (ICBC), the Agricultural Bank of China (ABC) and Bank of China (BOC) all received the second prizes for their innovation projects.

Aside from banks, about 10 financial institutions picked up awards, including Shanghai Stock Exchange, China Financial Futures Exchange (CFFE) and Kakadai Credit.

Kakadai Credit was the only consumer finance institution to receive a second prize innovation finance award for its smart finance product, developed by Shanghai Jing’an Vcash microfinance Co. Since the launch of the product in May 2015, Kakadai credit had a monthly increase of more than 90 percent in customers and volume of trade. In January 2016, the lending volume reached 155 million yuan ($23.07 million) within one month.