Chinese Firms Launch $1.5b Fintech Fund
1-4-2017
A consortium of Chinese state-owned companies and private enterprises has started a $1.44 billion investment fund dedicated to fintech mergers and acquisitions. Fintech fields such as big data, artificial intelligence, mobile payments, supply chain financing, and blockchain technology will be the focus of the fund’s investments.
The size of the Chinese market combined with the lack of developed financial services has created huge opportunities for fintech companies .A recent report released by DBS and consultant EY ranked China as the number one fintech destination, overtaking London, New York and Silicon Valley. According to estimates from Credit China FinTech, China’s investment in fintech ventures grew by $8.8bn between July 2015 and June 2016, more than doubling from 2010.
The consortium is led by Hong Kong-listed Credit China FinTech Holdings and includes other Chinese companies such as Shanghai Xinhua Distribution Group, China Huarong International and eight other corporate partners.
The fund launch also follows the launch of a similar but larger fintech fund in October 2016, the Zhongguancun Fund of Fund, which was worth $4.31bn.
About ETA
The Electronic Transactions Association (ETA) is the global trade association representing more than 500 payments and technology companies. ETA members make commerce possible by processing more than $6 trillion in purchases in the US and deploying payments innovations to merchants and consumers. Learn more: www.electran.org.
Related Posts
News
Is the Relationship Between Financial Institutions (FIs) And Fintechs Complicated? Not Anymore.
By Sumit Arora, Senior Vice President, Enterprise Payments Strategy, Wells Fargo Building a Balance Between Competition and Collaboration There is a long history between banking and technology, dating back to around 1866 when the telegraph . . .
6-16-2022
learn more
News
ETA CEO Jodie Kelley: Reflections on the Past Year and Looking Ahead to the Future
By Jodie L. Kelley, CEO, ETA. As I complete my first year as CEO of ETA, I am struck by what an extraordinary year it was in so many ways. As we entered 2020, I . . .
9-28-2020
learn more