Infinium Limited obtains a virtual banking license in Hong Kong
Hong Kong, China, 10 May 2019 – Baker McKenzie has advised Chinese tech giant Tencent Holdings Limited (“Tencent”) on the establishment of the joint venture, Infinium Limited (“Infinium”), and also the application for a virtual banking license, which was approved by the Hong Kong Monetary Authority on 9 May.
Infinium is a joint venture between Tencent, Industrial and Commercial Bank of China (Asia) Limited, Hong Kong Exchanges and Clearing Limited, Hillhouse Capital and renowned Hong Kong entrepreneur Mr. Adrian Cheng (invested via investment entity – Perfect Ridge Limited).
Headquartered in Hong Kong, Infinium aims to leverage its advanced technology and the new applications of FinTech to promote financial inclusion in Hong Kong and to bring customers and enterprises a brand-new, efficient and secure virtual banking experience, enabling users to enjoy better and more convenient financial services in the future.
Baker McKenzie fielded a top cross-practice team for this transaction. The Financial Services Regulatory team who advised on the virtual banking license application was led by Karen Man (Partner and Global Head of Financial Services Regulatory Practice, who is based in Hong Kong) and Andrew Lockhart (Partner, Hong Kong) and supported by Frank Meier (Special Counsel, Hong Kong) and Grace Fung (Special Counsel, Hong Kong). The Corporate & Commercial team who advised on the establishment of the joint venture was led by Grace Tso (Partner, M&A, Hong Kong) and supported by Tracy Wut (Partner, M&A, Hong Kong) and Cynthia Or (Associate, M&A, Hong Kong).