Tencent to build virtual bank after Hong Kong regulator approves license

Chinese internet giant Tencent is set to open a blockchain-based virtual bank after the Hong Kong Securities and Futures Commission (SFC) approved a new license.

Speaking at the World Blockchain Summit in Wuzhen, China on Friday, Tencent blockchain chief Yige Cai said the company’s virtual bank received the SFC’s green-light. Moving forward, the company will assemble a team to support the blockchain-based banking platform, according to Chinese media site Sina Finance.

“Hong Kong’s new regulations and supervision on digital assets transactions validates the importance of blockchain technology and digital assets, which is good news for the whole industry,” Cai said in his speech at the summit.

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.

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Source: Tencent to Build Virtual Bank After Hong Kong Regulator Approves License