Tencent’s Fusion Bank Signs on More Than 10,000 Customers Within 2 Weeks of Launch

Tencent’s Fusion Bank Signs on More Than 10,000 Customers Within 2 Weeks of Launch

by January 5, 2021

Within 2 weeks of the public launch of Fusion Bank, the last of the eight virtual banks licensed by the Hong Kong Monetary Authority, the virtual bank has managed to secure over 10,000 customers.

Previously known as Infinium Limited, the virtual bank had a soft launch back in September 2020 before going public recently.

Fusion Bank is a joint venture between Tencent Holdings Limited, Industrial and Commercial Bank of China (Asia) Limited (ICBC Asia), Hong Kong Exchanges and Clearing Limited, Hillhouse Capital and Hong Kong entrepreneur Mr. Adrian Cheng via an investment entity, Perfect Ridge Limited.

Fusion Bank currently provides a variety of services including savings, time deposits, local fund transfer as well as foreign exchange in HKD, CNY and USD. Customers can also make local payments in HKD and CNY on the mobile app with a Faster Payment System (FPS) QR code.

Fusion Bank will also offer an interest rate of 5% per annum for three-month Hong Kong dollar deposits, capped at HKD 38,000 during its promotional period.

Additionally, Fusion Bank unveiled a collaboration with WeChat Pay Hong Kong, the mobile payment solution under Tencent, reportedly making Fusion Bank the first virtual bank in Hong Kong to do so.

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

Jim Lai Fusion Bank

Jim Lai

“Being the first virtual bank for customers to bind their bank accounts to WeChat Pay HK, Fusion Bank successfully connects with Tencent’s thriving ecosystem, not only creating strategic advantages for both Tencent and Fusion Bank, but also establishing an extensive network for local spending and cross-border payment for our customers.

This achievement fully reflects Fusion Bank’s competitive edge in developing innovative financial products and introducing new applications for financial services. Going forward, Fusion Bank will strive to create a platform that delivers delightful offers and extraordinary experiences, as well as harness the power of technology and the Internet to enhance our products and create value for our customers.”