Sep 27, 2018 (China Knowledge) - SoftBank Group Corp <9984:TP>, Japan’s leading tech investor, has formed strategic alliance with the Chinese Academy of Science, Grand China Capital and ZhongAn Online P&C Insurance Co., Ltd <6060:HK> to expedite progress in the Chinese FinTech industry and promoting its global expansion. SoftBank Group and Chinese investment firm, Grand China Capital also announced the launch of a USD 20 billion fund to promote technology development in the Asia Pacific region, at the end of the conference to promote the new future in finance, held in Beijing last week.
Chinese FinTech investments in the financial sector have surged to USD 8.8 billion between July 2015 to June 2016, the largest global investment in the sector, according to a report by DBS and EY on the rise of FinTech in China.
Grand China Capital is a well-known for investment and industrial operations. The firm is skilled in providing new ventures in industries such as media, and artificial intelligence (AI) with funding, mentorship and big data system to enhance their operations. Softbank on the other hand has invested in more than 800 new ventures, with a focus on the technology sector.
The cooperation will seek expertise, resources, and the foresight of both companies for global investment. The fund will focus on pushing investments in the new financial, technology and retail spending segments in Asia Pacific.
The executive director of SoftBank believes in the growing potential of Asia Pacific market, where investments have been growing rapidly over the year. Technology has been the main driving force of many industries and both companies hope the partnership and new investment funds can help drive more development of technology across different field.
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