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

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

Coinbase
November 8, 2019 by The Btc News
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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 mentioned the corporate’s digital financial institution obtained the SFC’s green-light. Transferring ahead,
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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 mentioned the corporate’s digital financial institution obtained the SFC’s green-light. Transferring ahead, the corporate will assemble a workforce to help the blockchain-based banking platform, in keeping with Chinese language media website Sina Finance.

Hong Kong’s new laws and supervision on digital property transactions validates the significance of blockchain expertise and digital property, which is sweet information for the entire trade,” Cai mentioned 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 obtained the license in Could. 

Cai didn’t disclose additional particulars concerning the digital financial institution, whereas stressing Tencent’s present  blockchain tasks, together with the providing of a provide chain financing for international quick meals chain restaurant McDonald’s, in keeping with the report. 

In response 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 companies, respectively. 

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

The SFC printed 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 through testing / Shutterstock



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