Tencent to Construct Digital Financial institution After Hong Kong Regulator Approves License

Chinese language web large Tencent is ready to open a blockchain-based digital financial institution after the Hong Kong Securities and Futures Fee (SFC) accredited 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. Transferring ahead, the corporate will assemble a workforce to assist the blockchain-based banking platform, in line with Chinese media site Sina Finance.

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

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

Tencent renamed Infinium to Fusion Financial institution 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 present  blockchain initiatives, together with the providing of a provide chain financing for world quick meals chain restaurant McDonald’s, in line with the report. 

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

Different corporations embrace Alibaba’s fintech arm Ant Monetary and SC Digital Options Restricted, whose 65 p.c stake is owned by Customary & Chartered Financial institution.  

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

Tencent picture by way of testing / Shutterstock

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