Chinese Fintech Company Launches Blockchain Investment Fund

The Chinese fintech company has officially launched a global digital bank consortium blockchain investment fund with one purpose- to create a leading digital bank in the world so let’s read more about it in the blockchain news today.

The Chinese fintech company, Hande Financial Technology Holdings Co, LTD and the chair of the company Cao Tong, made the announcement during the second China International Import Expo in Shanghai according to a press release. During the speech entitled ‘’Global Investment Opportunities for China’s Digital Banks,’’ Tong explained

‘’Based on the investors’ accumulation of experience in the fintech sector, the fund plans to invest in and create a leading digital bank, through which it will build a global digital bank consortium blockchain. The first step is to invest in and digitally transform a bank. The second step is to build a global digital bank consortium blockchain, with the digitally transformed bank as the main node.’’

Some of the other parties involved in the launch are Yillon Bank which is one of the four internet banks in China to receive permissions from the government to engage in online credit businesses and also Zhongguancun Privacy Equity & Venture Capital Association. Working with international investors but also domestic ones, the fund will reach up to $1 billion with a six-year investment phase and a two-year exit phase.

With the blockchain technology and fintech as well as further development, the HDFH’s chair added that:

 “The fund empowers the targets through investment and fintech transformation while building an innovative global digital bank consortium blockchain, achieving broader value for the participating digital banks.’’

Last month, the president of the nation Xi Jinping, stated that the country should embrace blockchain and called the country to seize the opportunity and endorse the technology in everyday lives. Tong’s announcement came at the right time when China’s central bank, The People’s Bank of China (PBOC) is now working on its own central bank digital currency. Back in August, it was reported that the bank’s CBDC was ready to be launched after five long years of development. However, in September, Yi Gang, the governor of the Bank, noted the plans for the CBDC adding that despite the rumors, there is no launch date set yet.