Xiaomi throws hat into virtual banking arena
Finance | Joyce Chen 21 Aug 2018Chinese smartphone giant Xiaomi (1810) reportedly plans to apply for a virtual banking license in Hong Kong and may tap as a director Vincent Cheng Hoi-chuen, who used to work with the Hong Kong and Shanghai Banking Corp and Hang Seng Bank (0011).
Timothy Tong Wai-cheung, current president of the Hong Kong Polytechnic University, has also been invited as director.
Insight Fintech HK, Xiaomi's subsidiary, hopes to submit its application to Hong Kong regulators by the end of this month, according to reports.
Meanwhile, another financial technology firm, ZhongAn Online P&C Insurance (6060), has partnered with SoftBank Vision Fund to expand its business overseas. The agreement was signed through ZhongAn's wholly-owned subsidiary ZhongAn International which will set up a new operating entity, while SoftBank will take part as a strategic investor.
Kentaro Matsui, managing director for SoftBank's investment advisers, said: "I am confident that utilizing ZhongAn's existing technology and know-how alongside SoftBank's international networks will ensure it [partnership] is well positioned to capitalize on the tremendous growth potential in both fintech and insuretech across Asia."
Bocom International Holdings said its interim net profit surged 1.09 times to HK$232 million. Earnings per share stood at 8 HK cents. The board did not propose any interim dividend. Revenue in the first half soared 54.44 percent year on year to HK$695 million. Elsewhere, Henan-based Bank of Zhengzhou (6196) said net profit in the first half of this year amounted to 2.37 billion yuan (HK$2.71 billion), up 4.23 percent from a year earlier.
