Zurich Financial Services Brews R&D Center in Shanghai

Zurich Financial Services Group plans to set up an international shipping and financial R&D center in Shanghai, in a bid to facilitate the eastern Chinese city's evolution into an international shipping center, said the Swiss financial service provider on October 26.

The center, to be established in the booming Pudong New District, will be engaged in the R&D and assessment of new technologies and new products in the international shipping and financial service sector, according to the Zurich-headquartered company. In addition, Zurich Financial Services has entered into a memorandum of understanding (MOU) with the government of Pudong New District over a cooperation in shipping insurance, insurance talent training, and financial product R&D.

Pudong New District is about to come up with a series of preferential policies to court for investment and talents from financial institutions in and out of the country, smoothing the way for Shanghai to grow into an international shipping and financial hub.