Tencent was licensed by Hong Kong to establish a digital bank
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The Blockchain Business Director of Chinese technology conglomerate Tencent Weight Cai said that it has just received a license from the Hong Kong authorities to set up a "virtual bank".
During his speech at the World Blockchain Conference in O Tran, Cai revealed information about the company setting up a digital banking construction team. However, the details of this bank are still unknown.
Earlier this week, the Hong Kong Securities and Futures Commission (SFC) released the regulations on licensing operations for crypto exchanges. The legal move by the Hong Kong government is good news for the industry, Cai said.
Tencent, which owns and operates China's largest messaging app WeChat, has been developing its blockchain network for many years now. The company's solutions have been deployed for a variety of business models, including cooperating with the Shenzhen Municipal Tax Department to manage and register for invoice issuance.
As reported by Coin68 recently, TP bank Vietnam has also partnered with Ripple's RippleNet network to perform banking transactions on the blockchain platform.
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