$1.44 Billion Chinese Fintech “Fund of Funds” to Focus on Blockchain
Ramping up its efforts to become a dominant Fintech hub in Asia, a 10 billion yuan (approx. $1.44 billion) fund was launched in Beijing, China, focusing mergers and acquisitions in the sector while seeking to nurture enterprises and startups in the industry. Titled ‘Asia Fintech Merger and Acquisition Fund of Funds’, the fund was founded by both state-owned capital and private funds to launch in the last week of December 2016. Established by Hong Kong-based industry investment holding firm Credit China Fintech Holdings Ltd and its subsidiaries the fund also sees benefactors in major....
Related News
Chinese consumers are rapidly moving towards non-bank and cashless alternatives, such as Alibaba’s $60 bln financial application Alipay. To cope with the rapid growth rate of its FinTech industry, Chinese state-owned companies launched a $1.5 bln fund to support emerging FinTech startups and technologies. The consortium of Chinese state-owned companies which includes Hong Kong-listed Credit China FinTech Holdings, Shanghai Xinhua Distribution Group, China Huarong International and 8 other major organizations in the mainland, established a fund known as “Asia FinTech Merger and Acquisition....
A report issued by EY and DBS shows how China is en route to become the number one financial technology destination. These are quite exciting times for China, even though not all of the news is positive. One silver lining is how the country will focus more on fintech than ever before. A consortium of state-owned and private enterprises launched a US$1.44bn investment fund. All of this money will be used for acquisitions and mergers in 2017 and beyond. Under the Asia Fintech Merger And Acquisition Fund of Funds, China plans to put a strong focus on financial technology. The fund is led by....
Analysts from major research and development firms, including EY and DBS, expect China to lead the global fintech and Blockchain industries. Various consortiums and organizations have already been formed to support the development and growth of Blockchain and fintech startups. Earlier this month, Cointelegraph reported the intensity of the Chinese fintech industry’s growth over the past few years. Hundreds of mlns of consumers have abandoned traditional banking systems for better and more efficient alternatives. Several Chinese fintech companies, including Alibaba’s Ant Financial, amassed....
China is on track to beat its 2016 FinTech capital venture $10 billion funding record as Chinese companies continue to set the pace and raise funds to expand their digital services. In a report from Bloomberg, Accenture Plc said that the investment areas focused on will most likely include artificial intelligence, big data, blockchain, and cybersecurity. According to Albert Chan, managing director of China financial services at Accenture, more money is expected to go into investment services, online lending, and robo advisors. Over the last two years there has been significant growth in....
Investment in Chinese FinTech continued at a pace in 2016 despite markets in other countries experiencing a slowdown in the sector. It’s reported that during the first nine months of 2016, FinTech investments doubled in China, which was partly due to funding rounds completed by Ant Financial, JD Finance and China’s Lufax, reports the China Money Network. The report states that in the first three-quarters of 2016, global financial technology investments accounted for US$18 billion, just down from the US$19 billion that was invested in the previous year. According to a report by City Asia....