A holder of one of the new virtual banking licenses issued by the Hong Kong Monetary Authority has announced the change of its official Chinese and English names.
Infinium Limited (怡丰有限公司) has officially announced the change of its English name to Fusion Bank Limited and its Chinese name to Furong Yinhang (富融银行) according to domestic media reports from 18 July.
“The change in name will enable us to more clearly signal the brand concept for Fusion Bank,” said Lai Zhiming (赖智明), vice-president at Tencent Group and chair of Fusion Bank.
“Fusion gathers together the fintech essence of multiple parties, to drive and lead the development of Hong Kong’s fintech sector, as well as create a brand new wealth management ecosystem.
“Looking ahead, Fusion Bank will bring smart innovation and secure and reliable financial services experiences to customers.”
Fusion Bank is a joint-venture between Tencent, ICBC (Asia), Hong Kong Exchanges and Clearing and Perfect Ridge Limited.
On 9 May the Hong Kong Monetary Authority (HKMA) announced that it had issued virtual banking licenses to Infinium, alongside Ant Financial (Hong Kong), Xiaomi-invested Insight Fintech HK Limited (洞见金融科技有限公司) and Ping An’s One Connect (壹账通有限公司).
Lai Zhiming, formerly a senior executive with Tencent Financial Technology Group (Tencent FiT) was appointed chair of Fusion Bank towards the end of June.