7 days compressed to 1 day, Shanghai launches the first online registration service for foreign companies in the country.

The Shanghai Market Supervision Administration held a press conference to reveal that the administration, in collaboration with the Shanghai Data Bureau, has made a breakthrough with Shanghai's cross-border digital identity authentication. They have partnered with institutions such as the Infocomm Media Development Authority of Singapore and the Law Society of Singapore to successfully establish a cross-border data channel. They have pioneered the first national application scenario for online registration of foreign-funded enterprises based on cross-border digital identity authentication. This scenario relies on cutting-edge technologies such as distributed digital identity, verifiable credentials, and blockchain to enable enterprises to complete cross-border registration online.