First Eastern Investment Group, a Hong Kong-based private equity and venture capital firm, is betting big on the future of financial technology in China.

Chief executive Victor Chu said he expects to invest in 10 fintech companies in the mainland and Hong Kong this year.

The company has already put money into two such firms, one in Beijing, the other in Hong Kong.

“China now is a leader in terms of fintech development and we hope to bring its technologies to global markets,” said Chu.

“Searching for new technology, traditionally, we came to the US, Japan and Europe, but now I know I should come to China.”

First Eastern invested 8 million yuan (US$1.18 million) in Bicai, a wealth management product sales app that focuses on banks, early this month, obtaining less than a 10 per cent stake.

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