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.
Cao Tong who os the Chair of Shenzhen’s Hande Financial Technology Holdings Co., Ltd (HDFH), made the announcement during the second China International Import Expo (CIIE) today in Shanghai,
There other companies involved, including Yillion Bank, one of four internet banks in China to receive permission from the government to engage in online credit business, and Zhongguancun Private Equity & Venture Capital Association (ZVCA). Working with domestic and international investors, the fund will be around $1 billion with a six-year investment phase and a two-year exit phase.
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