The fund, led by Credit China FinTech Holdings along with other China companies Shanghai Xinhua Distribution Group, China Huarong International and Jilin Province Investment Group Corp, was launched in Beijing, dealstreetasia.com reports.
According to estimates provided by Credit China FinTech, from July 2015 to June 2016, FinTech related investments in China surged by USD 8.8 billion, more than doubling from 2010.
The investment will focus on big data, AI, cloud computing, mobile payment, supply chain financing and blockchain. A similar fund, Zhongguancun FOF worth USD 4.31 billion was launched in October 2016 in the Zhongguancun area of Beijing.
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