CICC ties up with Tencent to launch $70m fintech venture

REUTERS/Aly Song/File Photo

Chinese investment bank China International Capital Corporation (CICC) has inked an agreement with a Tencent Holdings subsidiary to launch a joint venture to deliver technology solutions and digitalized operational support services for wealth management, CICC announced on Tuesday.

The joint venture will have a registered capital of 500 million yuan ($70.24 million). CICC will hold a 51 per cent stake in the company, while Tencent Digital (Shenzhen) Limited, an indirect wholly-owned affiliate of Tencent, will hold the remaining 49 per cent.

The new company will provide technological platform development and digitalized operational support services to facilitate CICC’s wealth management, retail brokerage and other businesses, said the investment bank. CICC went public on the main board of the Hong Kong stock exchange in 2015.

The venture represents a joint exploration of CICC and Tencent in response to the call and requirement of the state and regulatory authorities for fintech development.

The company was launched after the People’s Bank of China (PBOC), the de facto central bank in the country, revealed a fintech development plan in late August 2019, seeking to promote the country’s fintech industry between 2019 and 2021 and to take a lead worldwide.

“The technological joint venture is part of CICC’s strategic initiatives in wealth management,” said Bi Mingjian, CEO of CICC.

“Digitalization of financial services provides a secular opportunity for the industry. Combining the strengths of CICC and Tencent, we look forward to offering more customized and differentiated FinTech services to users,” said Martin Lau, president of Tencent.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.