Several Chinese companies have combined to establish Asia’s FinTech merger and acquisition fund-of-funds worth more than RMB 10 billion.
The fund will be led by Credit China FinTech Holdings alongside China Huarong International, Shanghai Xinhua Publishing Group and Jilin Province Investment Group.
It will aim to focus on mergers and acquisitions in FinTech fields including big data, artificial intelligence and blockchain.
“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 at Credit China FinTech.
Global Custodian recently investigated the emergence of the Asia-Pacific (APAC) region as a FinTech hub.
Having stood at $880 million in all of 2014, FinTech investment more than quadrupled to Fintech Investment in $4.3 billion in 2015, according to an Accenture report.
Panellists at Sibos in September 2016 suggested that in spite of such growth, the region is lacking a FinTech ‘ecosystem’ involving both regulators and market participants.