Tencent’s Fintech Unit Shuffles Senior Execs after Infinium Grabs Virtual Banking License in Hong Kong

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Chinese tech giant Tencent has announced key changes to senior executives for its fintech operations just after its digital banking joint venture became licensed in Hong Kong.

Lai Zhiming (赖智明) has been removed from his position as senior executive with Tencent Financial Technology Group (Tencent FiT) to be appointed chair of Hong Kong-based Infinium Limited (贻丰有限公司), which is a digital banking joint-venture between Tencent, Hong Kong Exchanges and Clearing and ICBC.

Lai was responsible for overseeing Infinium’s successful application for a virtual banking license with the Hong Kong Monetary Authority in May 2019.

Lai is a Tencent veteran who first joined the company in 2009, before subsequently serving as manager of its QQ members products department, and becoming senior executive with Tencent FiT in September 2015.

Tencent has also announced that Lin Haifeng (林海峰) has been promoted to the position of vice-president to be “comprehensively responsible” for management and development of the company’s fintech operations.

Lin previously served as joint-head of Tencent’s investment and acquisitions department. He first joined the company in 2010, and has led key domestic and overseas equity investments in companies including JD.com, Tencent Music, WeSure, Meituan Dianping, Pinduoduo and Tongcheng Elong.

Tencent’s financial reports released on 15 May indicate that its total revenues for the first quarter were 85.465 billion yuan, for a 16% increase compared to the first quarter of 2018.

According to the report commercial payments and other fintech services have served as a key driver of earnings growth.

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