August 14, 2022

In China, an investment fund has been created to launch a consortium of digital banks on the blockchain

Chinese fintech company Hande Financial Technology Holdings Co., Ltd (HDFH) created a special investment fund to launch a global consortium of global digital banks on the blockchain.

According to a press release, HDFH chairman Kao Tong announced this at the second China International Import Goods Exhibition (CIIE), which is taking place in Shanghai these days.

“Based on investor experience infintech industry, the fund plans to finance the creation of a leading digital bank, which will become the basis for the launch of a global consortium of global digital banks. The first step is investing and digital transformation of the bank. Then you need to launch the consortium blockchain, where our bank will become the central hub. ”

Funding expectedabout $ 1 billion .. In addition to HDFH, Yillion Bank and Zhongguancun Private Equity & Venture Capital Association (ZVCA) will join the investment fund. The investment period will be 6 years, and the withdrawal of investments will take up to 2 years.

As it became known recently, financial regulatorsChina began to more closely monitor the cryptocurrency market after a boom began around the country around the blockchain. Regulators have begun to monitor the implementation of the ban on trading in cryptocurrencies and ICOs and are preparing new restrictive measures.