Share this article
Tencent to Build Virtual Bank After Hong Kong Regulator Approves License
Tencent received the green light from the Hong Kong Securities and Futures Commission to build a blockchain-based virtual bank.
By David Pan
Updated Sep 13, 2021, 11:41 a.m. Published Nov 8, 2019, 10:00 p.m.
Chinese internet giant Tencent is set to open a blockchain-based virtual bank after the Hong Kong Securities and Futures Commission (SFC) approved a new license.
Speaking at the World Blockchain Summit in Wuzhen, China on Friday, Tencent blockchain chief Yige Cai said the company's virtual bank received the SFC's green-light. Moving forward, the company will assemble a team to support the blockchain-based banking platform, according to Chinese media site Sina Finance.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"Hong Kong’s new regulations and supervision on digital assets transactions validates the importance of blockchain technology and digital assets, which is good news for the whole industry," Cai said in his speech at the summit.
The SFC has granted virtual bank licences to 12 entities so far. On the list is Infinium Limited, a joint venture between Tencent, Industrial and Commerce Bank of China (ICBC) and other two Hong Kong-based institutional investors.
Tencent renamed Infinium to Fusion Bank in July after it received the license in May.
Cai did not disclose further details about the virtual bank, while stressing Tencent’s existing blockchain projects, including the offering of a supply chain financing for global fast food chain restaurant McDonald’s, according to the report.
According to another report, Cai is currently leading the consortium blockchain group out of the three blockchain development groups in Tencent. The other two are responsible for blockchain infrastructure and its blockchain-based cloud services, respectively.
Other companies include Alibaba’s fintech arm Ant Financial and SC Digital Solutions Limited, whose 65 percent stake is owned by Standard & Chartered Bank.
The SFC published details about its new licensing system to regulate virtual asset transactions on Wednesday, creating a similar framework to the one overseeing securities brokers.
Tencent image via testing / Shutterstock
Lebih untuk Anda
Yang perlu diketahui:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Lebih untuk Anda
Bitcoin Rebounds to $93K From Post-Fed Lows, but Altcoins Remain Under Pressure
Downward pressure on bitcoin is losing steam, with the market stabilizing but not yet out of the woods, said one analyst.
Yang perlu diketahui:
- Bitcoin rebounded from a sharp early selloff on Thursday to trade above $93,000 shortly after the close of U.S. stocks.
- The late-day gain in bitcoin came alongside a rebound in the Nasdaq from big morning losses; the tech index closed with just a 0.25% loss.
- Downward pressure on bitcoin is losing steam, said one analyst, but the market is not yet out of the woods.
Top Stories
