Tencent To Build Virtual Bank After Hong Kong Regulator Approves License

Chinese web large Tencent is ready to open a blockchain-based digital business enterprise institution after the Hong Kong Securities and Futures Commission (SFC) accepted a brand new license.

Speaking on the World Blockchain Summit in Wuzhen, China on Friday,Tencent blockchain chief Yige Cai mentioned the corporate’s digital business enterprise institution obtained the SFC’s green-light. Moving ahead, the corporate will assemble a staff to help the blockchain-based banking platform, in line with Chinese media website Sina Finance.

Hong Kong’s new rules and supervising on digital property proceedings validates the significance of blockchain expertise and digital property, which is sweet information for the entire business,” Cai mentioned in his speech on the summit.

The SFC has granted digital business enterprise institution licences to 12 entities up to now. On the record is Infinium Limited, a three way partnership between Tencent, Industrial and Commerce Bank of China (ICBC) and different two Hong Kong-based institutional traders.

Tencent renamed Infinium to Fusion Bank in July after it obtained the license in May.

Cai didn’t disclose extra particulars in regards to the digital business enterprise institution, whereas stressing Tencent’s current blockchain tasks, together with the providing of a provide chain funding for international quick meals chain eating house McDonald’s, in line with the report.

According to a different report, Cai is now main the pool blockchain group out of the three blockchain growth teams in Tencent. The different two are guilty for blockchain infrastructure and its blockchain-based cloud companies, respectively.

Other corporations embody Alibaba’s fintech arm Ant Financial and SC Digital Solutions Limited, whose 65 % stake is closely-held by Standard & Chartered Bank.

The SFC discovered particulars about its new licensing system to manage digital plus proceedings on Wednesday, creating an similar framework to the one overseeing securities brokers.

Tencent To Build Virtual Bank After Hong Kong Regulator Approves License

Your Opinion Matters

Quality - 10


Total Score

Your feedback is important to us to improve our services. We constantly seek feedback to improve and evolve our service, whilst identifying opportunities to assist clients in realising their business objectives.

User Rating: 5 ( 4 votes)

Show More

Patricia Bakely

Earn Free Bitcoin Online with

Related Articles

Leave a Reply

Back to top button