Chinese conglomerate Tencent is planning to launch a blockchain-based digital bank after being granted a licence by the Hong Kong Securities and Futures Commission (SFC).

Regulatorshave issued 12 virtuell licences in Hong Kong

Tencent blockchain general manager Yige Cai told an audience at the World Blockchain Summit in China last week that the company’s new bank had been given the go ahead by regulators.

ANNONS
ANNONS

According to local publication Sina Finance, Cai says that the firm would be moving forward by creating a team to build out its blockchain-based platform.

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