Infinium Gets New Management Following HK Licensing
The joint venture from Tencent, ICBC, and others has received former fintech manager at Tencent to run the company. Infinium was one of the selected companies to receive virtual banking licenses in Hong Kong
Chinese tech giant Tencent has reshuffled its management team in a nod to the growing importance of the fintech element of the company. Infinium, Tencent’s joint venture into Hong Kong online banking, and Tencent’s own fintech department are now under new management.
Tencent is the owner of WeChat, the largest chat app in China, and WeChat Pay which is one of the largest e-wallets too. The new head of the Tencent fintech unit is Lin Haifeng, who was previously head of investment and management.
Haifeng is replacing Lai Zhiming who has been redeployed as the head of Infinium. Infinium is the new joint venture between Tencent, ICBC, HKEX, Hillhouse Capital, and Perfect Ridge Ltd. The group was part of the last batch of applicant to receive a virtual banking license to operate in Hong Kong.
The Hong Kong regulators are aiming to shake up their traditional banking market by issuing virtual banking licenses, eight have so far been handed out. Tencent seems to be aiming to capitalise on their experience in financial markets in China to expand outward. WeChat Pay has recently been expanded to Malaysia, Taiwan, and other countries around South East Asia.