Fusion Bank announced that it has been granted licensing from the Hong Kong Securities and Futures Commission (SFC) to offer digital wealth advisory services.
The bank secured Type 1 (dealing in securities) and Type 4 (advising on securities) licenses, allowing it to expand into the wealth management space.
So far, two other virtual banks – ZA Bank and WeLab Bank – have been granted similar licenses in Hong Kong.
Licensed as a virtual bank by the Hong Kong Monetary Authority, Fusion Bank is a joint venture between Tencent, Industrial and Commercial Bank of China (ICBC Asia), Hong Kong Exchanges and Clearing Limited, Hillhouse Capital and Hong Kong entrepreneur Adrian Cheng via an investment entity, Perfect Ridge.
Ari Zhou, Executive Director and Chief Executive of Fusion Bank said,
“The expansion to wealth management business marks a significant milestone of Fusion Bank’s growth.
With the launch of wealth management services, customers will be able to enjoy a better and more convenient banking experience, and diversified banking products.”
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