Three Chinese firms HDFH, ZVCA and Yillion Bank launch $1 Billion Blockchain Investment Fund

The Global Digital Bank Consortium Blockchain Investment Fund was proclaimed at a forum in Shanghai, China on Monday. Chairman of initiating firm Shenzhen Hande Financial Technology Holdings (HDFH) – Cao Tong exposed that the fund will amount to about 1 billion dollars.

The Global Digital Bank Consortium Blockchain Investment Fund was founded by the Zhongguancun Private Equity & Venture Capital Association (ZVCA) and Yillion Bank, along with HDFH.

By investing in digital banks and supporting their development, the

fund will build a Blockchain corporation. The other parties participating in the launch were Yillion Bank. One of four internet banks in China that has been approved by the government to join the online credit business and the Zhongguancun Venture Capital and Private Investment Association ( ZVCA). Efforting with internal and international investors, the fund will be about $ 1 billion with a six-year investment period and a two-year exit period.

“The first stage is to invest and transform digital banking. The second stage is to build a global digital banking chain, with banks being digitally converted as the main node,” according to Cao.

Zhongguancun was founded in native China, named after the Silicon Valley-style technology center. Along with technology giant Tencent, both Yillion and HDFH are already participants of ZVCA.

Meanwhile, in 2017, the first private bank to live in China’s ‘rust belt’ – Yillion is an industrial area in the northeast of the country. Beijing Zhongfa Investment Company (30%) and a subsidiary of Meituan (28.5%), China’s largest on-demand service provider are its two largest shareholders. Now, it is proud to partner with JD and Xiaomi Finance.

Shenzhen Hande Fintech Holding Co., Ltd., is a prominent fintech business in China. It activates six main fintech platforms: Hande, FinChain Enterprise Credit Platform, ABS Cloud, Big Data Risk Control Platform, X FINEX and Hong Kong’s Little Shell Digital Asset Management System. Global FinTech Laboratory was founded by HDFH President with China Hong Kong University and International Monetary Institute of Renmin University. It gathers foremost experts and practitioners in the global fintech field that to supply data analysis, open online education, equity investments, manufacturers recommendation and other services for the fintech industry. HDFH concentrates on driving a leap forward between generations in finance and handing over authority to cities through science and technology in order to offer small and medium businesses with financial services.

With a reserve of fintech and blockchain technology and operational experience, Cao further revealed that: “The Fund empowers goals through fintech investment and transformation while building a creative global digital banking Blockchain, reach greater value for participating digital banks”.

First, it will concentrate on organizations in mainland China, Singapore and Australia, with schemes to explore additional areas.

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