Good Resources Holdings Ltd. (00109.HK) has won approval from the government of Gibraltar to open an online bank, the Hong Kong Economic Journal reported Wednesday.
The British Overseas Territory borders southern Spain.
The company is controlled by Hong Kong-based Cheng Kin-ming, a substantial shareholder of Shunfeng International Clean Energy Ltd. (01165.HK).
Detailed plans for the establishment of the online bank are expected to be rolled out in the coming 12 months, the report said, citing Ng Leung-ho, chairman and founding partner of venture capital firm GSR Ventures.
The online bank will be oriented to markets in Europe, the Middle East and China, providing remote account opening services, real-time telegraphic transfer of foreign exchange and financial product transactions.
The project is responding to the robust demand in recent years for assets denominated in foreign currencies.
Advances in internet technology have made it easier for accounts to be opened and funds transferred online as compared with procedures at traditional banks.
Meanwhile, Ng said, the company is also in talks with counterparties in North Africa on solar energy projects, given the region’s advantages of plentiful sunlight and low-cost power production.
It has already gained on-grid authorization to supply electricity to Europe from North Africa through Gibraltar.
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