Credit China FinTech Holdings Ltd and partners, including China Huarong International, started a 10 billion yuan fund of funds to support fintech M&A.

Asia FinTech Merger and Acquisition Fund of Funds will support leading enterprises in the fintech industry, the company said Dec. 28. Other partners in the fund include Shanghai Xinhua Publishing Group and Jilin Province Investment Group.

As of Dec. 28, US$1 was equivalent to 6.95 Chinese yuan.