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Tencent builds virtual bank after receiving Hong Kong license

Tuesday 12 November 2019 13:29 CET | News

Tencent has announced opening a blockchain-based virtual bank after the Hong Kong Securities and Futures Commission approved a new license.

Moving forward, the company will assemble a team to support the blockchain-based banking platform, according to Chinese media site Sina Finance. The SFC has granted virtual bank licences to 12 entities so far. On the list is Infinium Limited, a joint venture between Tencent, Industrial and Commerce Bank of China (ICBC) and other two Hong Kong-based institutional investors. Tencent renamed Infinium to Fusion Bank in July after it received the license in May.

The company did not disclose further details about the virtual bank, while stressing Tencent’s existing  blockchain projects, including the offering of a supply chain financing for global fast food chain restaurant McDonald’s, according to the report.


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Keywords: Tencent, Hong Kong, blockchain, Hong Kong Securities and Futures Commission, Commerce Bank of China, ICBC, SFC, virtual bank, digital bank, online banking, banking license,
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Hong Kong
This article is part of category

Banking & Fintech