Tencent to Develop Virtual Bank After Hong Kong Regulator Approves License

Chinese net giant Tencent is established to open up a blockchain-centered digital lender right after the Hong Kong Securities and Futures Commission (SFC) approved a new license.

Speaking at the Entire world Blockchain Summit in Wuzhen, China on Friday, Tencent blockchain main Yige Cai stated the company’s digital lender acquired the SFC’s green-mild. Shifting ahead, the enterprise will assemble a workforce to aid the blockchain-centered banking platform, according to Chinese media site Sina Finance.

Hong Kong’s new rules and supervision on digital assets transactions validates the significance of blockchain technological innovation and digital assets, which is excellent information for the total marketplace,” Cai stated in his speech at the summit. 

The SFC has granted digital lender licences to 12 entities so significantly. On the record is Infinium Restricted, a joint venture involving Tencent, Industrial and Commerce Bank of China (ICBC) and other two Hong Kong-centered institutional investors.

Tencent renamed Infinium to Fusion Bank in July right after it acquired the license in May perhaps. 

Cai did not disclose further more aspects about the digital lender, though stressing Tencent’s existing  blockchain initiatives, like the featuring of a source chain financing for world wide speedy foods chain restaurant McDonald’s, according to the report. 

According to an additional report, Cai is at the moment top the consortium blockchain team out of the 3 blockchain advancement teams in Tencent. The other two are responsible for blockchain infrastructure and its blockchain-centered cloud services, respectively. 

Other organizations consist of Alibaba’s fintech arm Ant Economical and SC Digital Solutions Restricted, whose 65 percent stake is owned by Standard & Chartered Bank.  

The SFC published aspects about its new licensing program to regulate digital asset transactions on Wednesday, producing a very similar framework to the a single overseeing securities brokers.

Tencent graphic via testing / Shutterstock