Ant Financial, Tencent Join Hong Kong Virtual Banking Race
- Ping An and Xiaomi also win licenses from the city’s regulator
- Firms plan to start offering services within nine months
Downtown Hong Kong.
Photographer: David Paul Morris/Bloomberg
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Tencent Holdings Ltd., Ant Financial, Industrial & Commercial Bank of China Ltd. and Xiaomi Corp. are among companies to win licenses to create virtual lenders in Hong Kong, bringing major players into the race to shake up the city’s traditional banking sector.
Tencent has teamed up with ICBC’s local unit and Hong Kong Exchanges and Clearing Ltd., according to a joint statement from their venture on Thursday. Ant and Xiaomi have also got permits via local entities.