The China-Singapore Fintech Collaboration Demonstration Zone is contributing to the financial technology development of Liangjiang. [Photo/liangjiang.gov.cn]

Singapore's Global Logistic Properties Ltd recently signed an agreement with the Liangjiang New Area – in the municipality of Chongqing in southwestern China – to form a financial technology RMB investment fund.

The fund is another cooperation project of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity.

The investment scale of the fund's first phase is 500 million yuan ($73.6 million), which will go to high-growth technology companies involving in artificial intelligence, big data, cloud computing and block chain.

The fund, the first of its kind in Chongqing, will also support Liangjiang's China-Singapore Fintech Collaboration Demonstration Zone in its bid to help nurture startup companies and attract financial technology companies.

The demonstration zone was co-built by China and Singapore to launch pilot financial technology policies and to develop a financial technology cluster.

Under its charter, the demonstration zone will cooperate with Jiangbeizui Fintech Port to work on a cross-border financial technology demonstration project with national influence.

During the five-year operation of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity, Liangjiang has signed 60 China-Singapore business projects with a contract volume of $11.5 billion.