Foreign financial institutions are finally seeing Chinese regulators make good on their promises to open up the country’s financial services sector – and sooner than expected.

On Sunday, China’s Banking and Insurance Regulatory Commission (CBIRC) gave German insurer Allianz the green light to set up a wholly-owned insurance holding company in Shanghai next year, according to a statement on the CBIRC website. In the same statement, the watchdog also granted Hong Kong’s Chiyu Bank permission to establish a subsidiary in Shenzhen, and said it would “steadily expand” the opening up of China’s financial sector.

The promise was cashed in earlier than expected, as China initially pledged to raise the cap on foreign ownership at insurance companies to 51% over three years from the current 50%, and remove it entirely within in five years. The decision came just three weeks after President Xi Jinping’s remarks at the country’s import trade fair on Nov. 5, which included a reiterated pledge to broaden market access for foreign players.