Asia FinTech foundation will target M&A deals

Source:Global Times Published: 2016/12/27 21:33:39

Asia FinTech FOF, a foundation that targets financial and tech mergers and acquisitions (M&A) in Asia, was established in Beijing on Tuesday, a move showing China has become a financial and technology market with big potential in the world.

The foundation, with funds of 10 billion yuan ($1.44 billion), is the second fund of funds (FOF) after the Zhongguancun FOF, which was established in 2015. The former has a scale of 30 billion yuan.

A report released by DBS and EY in December showed while London, New York and Silicon Valley compete to position themselves as the world's "FinTech hub," China has leapfrogged ahead to become the undoubted center of global FinTech innovation and adoption - thanks to developments across multiple hubs, such as Shanghai, Beijing, Hangzhou in East China's Zhejiang Province and Shenzhen in South China's Guangdong Province.

The report said that from July 2015 to June 2016, Chinese FinTech investments in the market surged to $8.8 billion, commanding the largest share of global investment in this sector.

According to data provided by the China Internet Network Information Center, the nation had 710 million netizens by the end of June this year, overwhelming the total number of those in the US and Europe, and smartphones are sweeping the country with a rising force.

Global Times

Posted in: COMPANIES

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