A consortium of Chinese companies have joined forces to establish a 10 billion-renminbi Asia FinTech Merger and Acquisition Fund of Funds, focused on supporting and developing fintech enterprises.
Led by financial technology service provider Credit China Fintech Holdings, the partners include state-owned firms and private companies.
The fund will target mergers and acquisitions in the fintech sector, and intends to nurture enterprises in the industry.
According to Credit China FinTech, China has been out-performing other Asian markets in terms of speed of development, complexity and scale of fintech solutions.
Sheng Jia, executive director of Credit China FinTech, said: “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.”
The fund’s state-owned partners include China Huarong International, the Shanghai Xinhua Publishing Group and Jilin Province Investment Group.
Private partners include the China Cultural Industry Association, New Times Trust Co, the Shenzhen China Create Group, N-Securities Co, Beijing Yongyu Investment and Tianjing Borong.
