A Quebec pension fund and a financial co-operative from the province say they have created a financial technology investment fund of up to $75 million.

La Caisse de dépôt et placement du Québec and Desjardins Group say this venture fund will be dedicated to fintech and artificial intelligence applied to finance.

Caisse and Desjardins will invest equal amounts for a joint total of $50 million, and other investors can also join the fund.

They say the fund’s purpose is to support the growth and development of new fintech companies in Quebec and Canada.

The fund, which has yet to be named, will operate independently.