A Chinese consortium made up of Credit China Fintech, China Huarong International, Shanghai Xinhua Publishing Group and Jilin Province Investment Group have unveiled the Asia Fintech Merger and Acquisition Fund. The aim of the $1.44bn initiative is to nurture the country's leading fintech companies. The fund will invest in companies that are developing blockchain technology or offering financial services using it. The company stated that China has outperformed other Asian markets in the Fintech industry in terms of its development pace, complexity and scale, which makes China the market leader in this area. At the launch, Credit China Fintech said that China has become "the" international fintech hub, with the majority of its burgeoning middle class managing their finances on mobile devices.
A Chinese consortium made up of Credit China Fintech, China Huarong International, Shanghai Xinhua Publishing Group and Jilin Province Investment Group have unveiled the Asia Fintech Merger and Acquisition Fund. The aim of the $1.44bn initiative is to nurture the country's leading fintech companies. The fund will invest in companies that are developing blockchain technology or offering financial services using it. At the launch, Credit China Fintech said that China has become "the" international fintech hub, with the majority of its burgeoning middle class managing their finances on mobile devices.