Chinese conglomerate launches $2 billion fintech fund
(9 January 2017 – China) A conglomerate of Chinese state-owned companies have launched a US$1.5 billion (A$2 billion) fund to support emerging fintech firms and technologies.
The consortium is made up of eight major oganisations including Hong Kong-listed Credit China FinTech Holdings, Shanghai Xinhua Distribution Group and China Huarong International and 8 other major organizations in the mainland, established a fund known as “Asia FinTech Merger and Acquisition Fund of Funds” to ensure every market within the Chinese FinTech industry can operate with necessary capital.
“Leveraging on the fund partners’ experiences and competitive advantages in brand recognition, industry resources and expertise, the Fund aims to invest in innovative fintech enterprises with potential and help them to be the fintech leaders with our technical know-how and capital resources,” said Sheng Jia, Executive Director of Credit China FinTech.
According to a variety of sources, the fund will support firms in a wide range of categories within the fintech industry, including big data, artificial intelligence, mobile payments, supply chain financing and blockchain technology.
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