This video grab made on Aug 20, 2020 from the online broadcast of the Democratic National Convention, being held virtually amid the novel coronavirus pandemic, shows US entrepreneur and former presidential candidate Andrew Yang speaking from New York during the last day of the convention. (PHOTO / DEMOCRATIC NATIONAL CONVENTION / AFP)

NEW YORK - Former US Democratic presidential candidate Andrew Yang on Wednesday filed papers with New York City Campaign Finance Board for the city's mayor race, media reported.

Andrew Yang enjoys a leading position by having 17 percent of first-choice support in the mayor race, according to a poll

The step will allow Yang to start fundraising to the end, though Yang hasn't formally announced his candidacy.

As a resident of Manhattan, Yang has formed a mayoral campaign committee, Yang for New York, Inc, according to the city's campaign finance board.

Yang, who supports direct payment to Americans as a source of universal basic income, ended his presidential campaign in February due to insufficient momentum in the crowded presidential competition.

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Yang enjoys a leading position by having 17 percent of first-choice support in the mayor race, according to a poll released by non-profit organization Education Reform Now Advocacy New York on Monday.

As a second-generation Chinese American, Yang has been active in business operations and didn't hold any public office before.

New York City will start to introduce a ranked choice voting system in 2021 in all primary elections for mayor and other posts, which allows voters to rank candidates in order of preference instead of just choosing one.

New York City mayoral election includes a primary election in June 2021 and a general election in November 2021, respectively. Incumbent Mayor Bill de Blasio from the Democratic Party will not run again due to limits on term.