China Launches a $1.5 Bln FinTech Fund and Adopts to Consumers Going Cashless
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....
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China, the largest fintech sector according to the International Trade Administration (ITA), is going cashless. Consumers are moving away from traditional banking systems to more efficient and user-friendly financial technologies. KPMG, one of the Big Four auditors with over $25 bln in annual revenue, recently released its Fintech 100 list which represents the largest and most profitable companies within the global fintech market across all categories. China’s Ant Financial and Qudian topped the list, claiming the first and second in rankings respectively. Lufax, ZhongAn and JD Finance....
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....
Understanding the concept of FinTech and its importance to the entire world is just the first step along the way. For businesses, innovations in the FinTech world will change the way they do business forever. From a consumer point of view, new and innovative payment methods are being introduced now and then, most of which still rely on traditional financial infrastructure. In fact, consumers might be the biggest benefactors of FinTech innovation. Everyday consumers want access to quick, convenient, and widely-accepted payment methods. Over the past few years, more and more countries have....
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....
The topic of creating a cashless society has been kicked around a few times in recent years, but the major mind shift has not happened just yet. Some industry experts are even wondering whether or not a cashless ecosystem is realistic or not. With so many electronics payments – and digital currencies such as Bitcoin – at the consumer’s disposal, it seems to be a matter of time. There is no denying consumers are slowly gravitating to a world in which cash transactions are becoming less frequent. Even though there is a personal aspect to cash transactions around the world, a lot of consumers....