Payment services firm Lakala is investing more than $42m in the fund and has so far sourced the same amount from two state-backed investors.

China-based payment services provider Lakala Payment intends to raise RMB1bn ($141m) for a strategic investment fund that will target financial technology developers, DealStreet Asia reported today. Founded in 2005, Lakala offers third-party payment services to businesses, and has branched out into other financial segments such as consumer lending and wealth management services. It floated on…

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