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Bu Lieu, a Hanoi resident, said he is "excited and honored" that his hometown was chosen as the host.

Business services group EY said in a report earlier this year that China is now in a leading position among 20 major markets in terms of fintech use in areas including money transfers, investments, borrowing and insurance.

Businesses focusing in areas such as integrated circuits, artificial intelligence and biomedicine will be levied with a special 15 percent business income tax in the area. This is compared to the current business income tax rate of 25 percent.

Burrows was previously a Microsoft GM?in Windows consumer and retail marketing. She had most recently been?consulting?for Stack Overflow and other companies. As chief marketing officer, she will?oversee areas including branding, communications, digital marketing and demand generation, joining the company’s executive team.

Businesses hailed the cooperation, saying it helped cut costs and boost competitiveness.