Tencent to Build Virtual Bank After Hong Kong Regulator Approves License

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Chinese language web large Tencent is about to open a blockchain-based digital financial institution after the Hong Kong Securities and Futures Fee (SFC) authorized a brand new license.

Talking on the World Blockchain Summit in Wuzhen, China on Friday, Tencent blockchain chief Yige Cai stated the corporate’s digital financial institution acquired the SFC’s green-light. Shifting ahead, the corporate will assemble a workforce to help the blockchain-based banking platform, in accordance to Chinese language media web site Sina Finance.

Hong Kong’s new rules and supervision on digital property transactions validates the significance of blockchain expertise and digital property, which is nice information for the entire business,” Cai stated in his speech on the summit. 

The SFC has granted digital financial institution licences to 12 entities to this point. On the checklist is Infinium Restricted, a three way partnership between Tencent, Industrial and Commerce Bank of China (ICBC) and different two Hong Kong-based institutional buyers.

Tencent renamed Infinium to Fusion Bank in July after it acquired the license in Could. 

Cai didn’t disclose additional particulars in regards to the digital financial institution, whereas stressing Tencent’s current  blockchain initiatives, together with the providing of a provide chain financing for international quick meals chain restaurant McDonald’s, in accordance to the report. 

In accordance to one other report, Cai is at the moment main the consortium blockchain group out of the three blockchain growth teams in Tencent. The opposite two are accountable for blockchain infrastructure and its blockchain-based cloud providers, respectively. 

Different corporations embrace Alibaba’s fintech arm Ant Monetary and SC Digital Options Restricted, whose 65 % stake is owned by Commonplace & Chartered Bank.  

The SFC revealed particulars about its new licensing system to regulate digital asset transactions on Wednesday, creating an identical framework to the one overseeing securities brokers.

Tencent picture through testing / Shutterstock



Source link Coin Desk

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