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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