Blockchain News
Tencent Will Build Virtual Bank After Getting A New License

Tencent will build a new blockchain-based virtual bank after the Chinese internet giant got its new license approval by the Hong Kong Securities and Futures Commission. In our cryptocurrency news today, we are reading more about this great news.
Speaking at the world blockchain summit in Wuzhen, China back on Friday, the blockchain chief of Tencent Yige Cai stated that the company’s virtual bank received the greet light form the Securities and Exchange Commission in Hong Kong. The company will also form a team that will support the blockchain-based banking platform according to the Chinese media site Sina Finance.
“Hong Kong’s new regulations and supervision on digital assets transactions validates the importance of blockchain technology and digital assets, which is good news for the whole industry,” explained Cai during his speech at the summit.
The SFC granted virtual bank licenses to 12 entities so far and on the list is Infinium Limited which is a joint venture between Tencent, Commerce Bank of China (ICBC) and Industrial, but also two more institutional investors from Hong Kong. Tencent renamed the Infinium to Fusion Bank back in July after they got one license in May.
Cai didn’t provide any further details about the virtual bank but he stressed that Tencent will build further projects and will also work on the already existing ones, including the offering of a supply chain financing for the global fast-food chain restaurant McDonald’s, according to the reports.
According to another report, Cai is now leading the consortium blockchain group away from the three blockchain development groups in Tencent. The other two groups are responsible for blockchain infrastructure and its blockchain-based cloud services, respectively. Other companies include Alibaba’s fintech arm Ant Financial and SC Digital Solutions Limited which have a 65 percent stake that is owned by Standard and Chartered Bank. The SFC issues more details about their new licensing system that will regulate virtual asset transactions on Wednesday, by creating a much similar framework to the one that is currently overseeing the security brokers in the country.
China is going hard into blockchain technology as we saw previously when president Xi Jinping stated that the country should invest more and embrace it which was one of the catalysts for the spike in prices on the market.
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‘’Unlike other players, we don’t want to be the issuer and the payments layer and the custodian. We’re focusing on the monetary part of it, on the issuance of a sound currency for global use, and we will increasingly liaise with partnerships in the realms of custodianship and of payments.’’Facebook offers the same idea but it faced a lot of backlash from governments and regulators around the world. However, the SAGA blockchain firm does not want to create a whole new asset basked but it is pegged its token to bank deposits in the same fiat currency group that form the so-called special drawing rights which are an instrument created by the international monetary fund. Another major difference is that Saga will not make a profit from the token as it acts only as an issuer. It does not create its own wallets such as Facebook and Calibra. The users will be able to purchase the SGA on Saga’s site through the Liquid exchange.Sadeh Man explained that the token will act as a complementary currency for cross-border payments so the users could even use it to pay on Amazon in the case fiat money becomes too volatile. Saga explained that they will collaborate with the regulators and the banks since they consider the token as a bridge between fiat and digital currencies. Man commented:
‘’Currencies have not kept up with the pace of globalization and they do not address the global scope and needs of modern lives. The decreasing economic importance of national boundaries, changes in society, and a need for monetary diversification have created a necessity for a complimentary, global, non-governmental currency. We have set out to address this need by launching the first stabilized, digital currency governed by its holders and compliant with AML regulations.’’
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