Tencent is stepping up a push into fintech business in the Greater Bay Area, putting in place a new head for its digital banking joint venture in Hong Kong.
China’s largest internet firm has tasked Vice President Jimmy Lai Chiming, who has been heading the group’s financial technology unit, to oversee Infinium as its chairman.
Infinium is a joint venture established by Tencent, ICBC Asia, Hong Kong Exchanges and Clearing (HKEx, 00388.HK), Hillhouse Capital Group and New World (00017) Executive Vice President Adrian Cheng Chi-kong.
The virtual bank secured a license from the Hong Kong Monetary Authority in May.
Virtual banking is expected to be a key part of Tencent’s business in Hong Kong.
Lai joined Tencent in 2009, and he has been mainly in charge of the payment infrastructure and the fostering of an open financial ecosystem.
In the payments field, Tencent has established a financial ecosystem covering wealth management, securities, banking, and blockchain.
For instance, Tencent launched a wealth management platform call “Tencent Li Cai Tong’ in 2014. As of now, the user number has topped 150 million, with the funds under management surpassing 600 billion yuan.
Meanwhile, Tencent Blockchain was the first to apply the technology to the field of electronic invoicing. The number of invoices issued in Shenzhen has already surpassed one million, involving transactions worth over 1.5 billion yuan.