Shanghai has been playing a leading role in promoting the development of Internet finance and looks set to become a global Internet finance center, according to Meng Tian, deputy secretary general of the Association of Shanghai Internet Financial Industry.

The remarks were made at a financial technology (fintech) conference launched in Pudong New Area of Shanghai by LendIt, the world's largest conference organizer for the Internet finance industry on July 17.

The conference brought together leading lending platforms, investors, and service providers for unparalleled educational, networking and business development opportunities.

Meng also noted that the annual event served as a symbol of recognition for Shanghai's well-developed Internet finance industry. The city is now home to Internet finance arms of many leading Chinese companies such as Alibaba and Wanda Group.

This year's conference covered a wider range of topics compared with previous ones, including the future for Internet finance and innovations in debit and credit, payment, insurance, and wealth management.

The Internet finance sector in China has been greatly underestimated, according to a report made by Citibank in April this year, with country second only to the US for Internet giants.

Meng said that the industry is set for sound and sustainable development, as financial regulators encourage innovation and steady development.

The Internet industry in Shanghai is also facing great opportunities brought by the city's goals of becoming financial and scientific technology innovation centers, as well as promoting the development of its free trade zone, Meng added.