June 7, 2023

Tencent will open a virtual bank on the blockchain after obtaining a license in Hong Kong

Chinese Internet giant Tencent will open a virtual bank on the blockchain when it receives a license from Hong Kong Securities and Futures Commissions (SFC).

This was stated by the head of Tencent onThe international blockchain summit in Wujen, adding that the Commission has already approved the opening of a virtual bank. Soon, the company will begin to form a team to support the blockchain-based banking platform.

Tencent did not disclose details aboutvirtual bank, however, spoke about its current projects that use blockchain technology. One project aims to finance the supply chain for McDonald’s international fast food chain.

This week, the SFC released information on a new system for licensing and regulating virtual assets, creating a system similar to the one that controls the activities of stock brokers.

“Updated regulation and oversightBy conducting transactions with digital assets, it means that blockchain technology is really important, and this is good news for the industry, ”said Tencent CEO, speaking at the conference.

Recall that in October, the Chinese corporationTencent received permission from the country's tax department to develop international standards for blockchain-based electronic invoices. In addition, Tencent announced last month that Libra cryptocurrency could pose a serious threat to Alipay and WeChat Pay.