Copy link
Increase text size
Decrease text size
Link copied

Chinese firms HDFH, ZVCA and Yillion Bank launch $1B blockchain investment fund

Wed, 20 Nov 2019, 11:22 am UTC

Three Chinese firms – Shenzhen Hande Financial Technology Holdings Co., Ltd (HDFH), Yillion Bank and Zhongguancun Private Equity & Venture Capital Association (ZVCA) – have initiated a $1 billion blockchain investment fund.

The Global Digital Bank Consortium Blockchain Investment Fund was officially launched at the recently held 2019 International Financial Cooperation Forum. The three firms launched the fund in collaboration with domestic and international investors.

HDFH is a leading fintech firm and Yillion Bank is one of four internet banks in China. ZVCA has a large number of investment resources including public companies, financial groups and corporate investment firms.

According to a press release dated Nov. 18, the fund will integrate the capabilities of the management teams of the three parties in order to upgrade investment targets, ultimately maximizing value in the capital markets. It will have a term consisting of a 6-year investment phase and a 2-year exit phase.

HDFH Chairman Cao Tong said that the fund will aim to build an innovative global digital bank consortium blockchain in order to achieve broader value for the participating digital banks. It will initially invest in and digitally transform a bank, which would then serve as the main node of the global digital bank consortium blockchain.

"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,” Tong said.

The Global Digital Bank Consortium Blockchain Investment Fund will also invest in proven fintech infrastructure platforms around the globe. It plans to invest in digital banks in mainland China, Singapore and Australia, among other countries and regions.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

Back to top
Copyright ⓒ TokenPost. All Rights Reserved.