Shanghai has now become of the fastest rising new financial center of the world.

The second phase of the Cross-Border Interbank Payment System, or CIPS, would be set up in the city of Shanghai, said the governor of the People’s Bank of China, Zhou Xiaochuan during the opening ceremony of the Lujiazui Forum in June.

Shanghai, home to China’s A-shares trading house, had witnessed a total of 1.36 quadrillion yuan ($0.2 quadrillion) worth of transactions across its financial markets. The city now has 1515 financial institutions, and is home to major international institutions such as the New Development Bank.

Shanghai will strive to become a major financial hub globally by year 2020, according to Shanghai mayor Ying Yong.

That is an ambitious goal that requires the support of financial talents. Shanghai’s vibrant financial industry has been a breeding ground for financial academic research and professional training.

According to a new ranking by the Financial Times this month, Shanghai Advanced Institute of Finance (SAIF) at Shanghai Jiao Tong University has been recognized as one of the best in the world.

In FT’s 2017 tabulation, SAIF’s MF program was ranked number one in Asia and number 14 globally, jumping 14 slots from last year when it participated in the ranking for the first time.

“The fact that the SAIF MF program outperforms many of its worldwide peers and tops the podium of the Asian league is a recognition of SAIF’s model of talent development based on superior standards, international experience, and specialized professional training,” said Prof. Chang Chun, the executive dean of SAIF.

“It also marks a new leap towards our goal of becoming a world-class financial institute,” said Chang.

SAIF was established in 2009 as part of the Shanghai Jiao Tong University with the goal of supporting the development of Shanghai into a global financial center. It benchmarks against leading finance departments and business schools worldwide.