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

Asia • November 8, 2019, 12:09PM EST
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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.  

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Celia Wan profile picture Celia Wan

Celia joined The Block as a reporter after earning her BA in the History of Science from the University of Chicago. Having spent years pondering over why 2+2 cannot equal 5, she is interested in the history and philosophy of mathematics, computation, and cryptography. She also had a very brief stint at Crunchbase News.

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