Tencent & ICBC’s Virtual Bank Renamed to Fusion Bank

Tencent & ICBC’s Virtual Bank Renamed to Fusion Bank

by July 18, 2019
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Infinium Limited, the virtual bank jointly owned by Tencent, Hong Kong Exchanges and Clearing, Hillhouse Capital and Perfect Ridge today announced that it has been renamed Fusion Bank.

The Chinese name of the virtual bank, “Fu Rong”, carries an implied meaning of “connecting the globe and financially empowering the community”, according to its press release.

Mr. Jim Lai, Vice President of Tencent and Chairman of Fusion Bank, said,

“Renaming the business allows us to better deliver the brand concept of Fusion Bank. Fusion Bank brings together elites in various fields of FinTech to unleash the power of collaboration, drives the development of the FinTech industry and builds a brand-new ecosystem of wealth management in Hong Kong. Looking ahead, Fusion Bank will provide the general public with intelligent, smart, secure and reliable financial services, through its unwavering energy, unlimited creativity and cutting-edge financial technology.”

 

Mr. Eric Sum, Chief Executive Officer of Fusion Bank, said,

“Since the grant of the virtual banking license from the Hong Kong Monetary Authority (“HKMA”), we have been planning the organizational structure, personnel arrangement, product development, as well as process design and user experience, aiming to offer an efficient, innovative and secure full- service virtual banking financial services to local citizens and small- and medium-sized enterprises (“SMEs”). Through FinTech innovation and creative ideas, we expect Fusion Bank to create revolutionary breakthroughs and opportunities, and bring in a new era to the local financial services market after its official launch.”

Fusion Bank was granted its virtual banking license in Hong Kong by the HKMA in 2019 alongside 7 other virtual banks.

Image Credit: Ennweekly

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