Blockchain-Based Bank Plans in Motion from Tencent

• Yige Cai, the general manager at Tencent blockchain spoke to an audience at the World Blockchain Summit in China.
• Cai has allegedly said that Tencent would be creating a new team to build out its blockchain-based platform.
• The SFC has given the go-ahead to several digital banking initiatives.

Yige Cai, the general manager at Tencent blockchain spoke to an audience at the World Blockchain Summit in China recently where he revealed that the company’s new bank had been given the green light by lawmakers.

Cai has allegedly said that Tencent would be creating a new team to build out its blockchain-based platform in an attempt to move forward. This is according to the local publication Sina Finance.

“Hong Kong’s new regulations and supervision on digital assets transactions validates the importance of blockchain technology,” Cai said.

Coinvoice, another local online news outlet reported in August this year that the general manager is responsible for the consortium blockchain group at the blockchain firm, one of three major groups in the firm. 

The other two are in regards to blockchain infrastructure and cloud services based on the blockchain.

Fusion

The SFC has given the go-ahead to several digital banking initiatives so far and this new licence will be Tencent’s second from the lawmakers.

As per fintechfutures.com, “Fusion Bank, a joint venture between Tencent, Industrial and Commercial Bank of China (ICBC), Hong Kong Exchanges and Clearing (HKEX) and Hillhouse Capital, was granted its licence in May 2019.”

The VP of Tencent and Fusion Bank’s chairman, Jim Lai has said:

“Fusion Bank will provide the general public with intelligent, smart, secure and reliable financial services, through its unwavering energy, unlimited creativity and cutting-edge financial technology.”

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!