A consortium of Chinese firms has launched RMB10bn ($1.44bn) fintech fund to focus on mergers and acquisitions in the region’s fintech space.

The new Asia FinTech Merger and Acquisition Fund of Funds will be led by Credit China FinTech Holdings, China Huarong International, Shanghai Xinhua Publishing Group and Jilin Province Investment Group.

Other partners of the new fund are China Cultural Industry Association, New Times Trust, Shenzhen China Create Group, N-Securities, Beijing Yongyu Investment, Tianjing Borong as well as Jaunting Capital.

The fund will focus on mergers and acquisitions in big data, artificial intelligence and blockchain.

Credit China FinTech executive director Sheng Jia said: “Leveraging on the fund partners’ experiences and competitive advantages in brand recognition, industry resources and expertise, the Fund aims to invest in innovative FinTech enterprises with potential and help them to be the FinTech leaders with our technical know-how and capital resources.”