$1.44b fund of fund launched in Beijing aims to fuel M

Asia Fintech FOF, a 10-billion-yuan ($1.44 billion) fund of fund, was launched in Beijing on Tuesday, aiming to seek investment opportunities and fuel mergers and acquisitions in the fast-growing financial technology sector.

The fund was initiated by both private and State-owned capital, including Hong Kong-listed Credit China Fin Tech Holdings Ltd, Shanghai Xinhua Distribution Group Ltd and Jilin Province Investment Group Corp Ltd.

"Our investment will center on leading companies in the fields of big data, AI, cloud computing, mobile payment, supply chain financing and block chain," said Sheng Jia, the executive director of Credit China Fin Tech.