Under the new deal Credit China Fintech will invest $30 million into BitFury Group, a blockchain infrastructure provider; the new joint venture is focused on selling BitFury's bitcoin mining hardware; Phang Yew Kiat, vice chairman and CEO of Credit China Fintech told CNBC they are investigating using blockchain on fintech platforms which include both P2P lenders and payment services; Phang also stated they have a working prototype payment system using blockchain. Source
Credit China Fintech plans to expand its investments in peer-to-peer lending and payment companies; it invests in companies in the fintech industry and has recently invested in Ping An Securities Group Holdings Ltd. and blockchain technology firm BitFury Group Ltd.; recent investments have caused some scrutiny from short seller Anonymous Analytics which negatively affected the stock price in December 2016; the firm's stock price has regained its value since then with a current market capitalization of approximately $3 billion; over the past three years the firm has raised HK$4.3 billion ($554 million) and it plans to acquire at least one more company in the first quarter of 2017. Source
Credit China Fintech is forming a consortium to acquire a 36.58% equity interest in Ping An Securities Group (Holdings) Limited; upon completion the consortium intends to make a cash offer for all of the issued shares of Ping An Securities; Credit China Fintech's CEO Phang Yew Kiat says, "Ping An Securities' product offerings are valuable resources that we believe will generate significant synergies with our existing businesses." Source