Chinese tech giant Tencent granted Hong Kong license to open 'virtual bank'

advertisement

Chinese tech giant Tencent has received a license from the Hong Kong authority to open a "virtual bank," according to the firm's blockchain business manager Weige Cai

In a presentation at the World Blockchain Summit Wuzhen, Cai revealed that the company is preparing to form a team dedicated to building the bank. However, the details of the bank are unclear. 

Earlier this week, the Hong Kong Securities and Futures Commission (SFC) issued rules for licensing cryptocurrency exchanges. Cai said that the Hong Kong government's oversight of cryptocurrency trading is good news to the entire industry. 

Tencent, the firm behind one of the most popular Chinese messaging apps WeChat, has been developing its own blockchain for years. Its solutions are already deployed across various businesses, including a partnership with Shenzhen Municipal Taxation Bureau to register invoices.  

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Bitcoin mining firm Genesis Digital Assets raises $431 million led by Paradigm

Iceland-headquartered bitcoin mining firm Genesis Digital Assets has raised $431 million in a strategic funding round led by investment firm Paradigm.  Genesis Digital Assets said in an announcement on Tuesday that other investors in the round included NYDIG, Stoneridge, FTX, Ribbit, Electric Capital, Skybridge, and Kingsway Capital. Kingsway also invested $125 million in a previous […]
Read Full Story
Sep 22, 2021, 2:30AM UTC
More