Participants at the second China BFSI Outsourcing Summit, in Jiangsu province, sign investment agreements. Provided To China Daily

The winners of China's best financial outsourcing service providers for this year have been announced at the second China BFSI Outsourcing Summit, which began on Oct 30.

The event focused on financial services outsourcing and was held at the Huaqiao International Service Business Park (HISBP), in the city of Kunshan, Jiangsu province, 25 kilometers northwest of Shanghai.

Its aim is to promote optimized use of resources and innovative services and it attracted global financial experts, executives of leading companies, local officials, and representatives of international financial organizations.

The participants discussed development models for China's financial services outsourcing.

The event included a meeting that focused on the optimization of and innovations in the financial services sector. There was also a roundtable conference that brought in delegates of Fortune 500 companies and international financial institutions to share their views and experience.

Some brainstorming opportunities were provided by three sessions on improving service quality, reducing management costs, accelerating the service process, and the use of cloud computing and business intelligence in the finance industry.

A number of investment project agreements were signed at the event and some global leaders in the business service outsourcing and advisory industry, including Genpact, CPI, CDP and Wicresoft, opened offices in the HISBP.

Jiangsu sees financial services outsourcing as a key emerging industry and it is a national leader in annual output and number of employees in the industry. Last year, it was honored as China's best financial outsourcing base and one of the 10 best outsourcing parks in the nation.

HISBP is one of the first demonstration areas for service outsourcing and the only provincial industrial zone focusing on modern service. It is also known as the nation's financial Silicon Valley, and is upgrading financial services outsourcing to make it the fastest growing sector.

"Capital and service are shifting around the world, providing a good opportunity for the growth of service outsourcing," explained Yan Li, mayor of Suzhou. Kunshan lies within Suzhou's administrative area.

"And we will seize the opportunity to sharpen our competitive edge," Yan said.

"HISBP is leading the province, even the nation, in excellence in service," Zhang Weiguo, Jiangsu's vice-governor, said at the summit's opening ceremony. "And we've made a great effort to develop service outsourcing, especially in finance in recent years."

Zhang said he hopes the HISBP will provide a better environment for the financial outsourcing industry's development.

With its improved service and increased funding, the park is set to attract more talented people and new businesses, to promote international standards of service outsourcing, and to develop a number of leading enterprises.

It capitalizes on the status of its neighbor, Shanghai, as an international financial center, and plans to expand its scale over the next few years to build a "national leading business satellite city with global influence," said Guan Aiguo, Kunshan's mayor.

By Zhang Zhao (China Daily)