Special funds set up as a major boost to fintech

Futian recently joined hands with well-known domestic venture capital firms to set up special funds for the financial technology industry - also known as fintech - with a value of 10 billion yuan ($1.5 billion).

It was a move by the district's government to stimulate the financial vitality of Futian and boost the development of the finance and technology sectors.

The funds are intended to enhance the development of fintech incubators, lead to the establishment of overseas mergers and acquisition funds and to help build an offshore fintech information platform.

Seven firms participated in the roadshows and several online platforms also livestreamed the event to more than 3,200 investment institutions and 8,000 investors.

To date, the Futian Guiding Fund has been involved in setting up sub-funds with more than 40 well known venture capital firms, including Shenzhen Capital Group Co, Fortune Capital, Hony Capital and Qianhai FOF.

It has formed a long-term strategic partnership in raising capital and upgrading the industry.

In cooperation with the sub-funds, the Futian Guiding Fund's equity fund has a total value of 91.4 billion yuan.

The company has signed a strategic cooperation agreement with China Merchants Bank, China Construction Bank and Tiantu Capital respectively.

Shenzhen Daily provided the story.

(HK Edition 10/20/2017 page23)