Xiaomi Group and AMTD Group jointly announced that their joint venture Insight Fintech HK Limited recently gained a virtual bank license issued by Hong Kong Monetary Authority.
Insight Fintech is jointly established by Xiaomi and AMTD with Xiaomi holding a 90% stake and AMTD holding a 10% stake.
It is said that Insight Fintech aims at innovative finance, inclusive finance, and green finance. The company will integrate innovative financial technologies with traditional banking businesses to provide personalized, intelligent and convenient smart banking services to citizens and SME users in Hong Kong. The company plans to launch its services in the next six months.
In its initial stage, Insight Fintech's virtual bank will focus on the integration of financial technologies and traditional banking businesses. It will improve user experience by using cutting-edge technologies like AI, big data, cloud computing, and Blockchain. With the advantages of Xiaomi and AMTD, the company will create full-scene full-chain financial services to enable real economy.
As the two shareholders of Insight Fintech, Xiaomi and AMTD will combine their resources and experience to establish distinctive virtual bank businesses. Xiaomi already gained a good user foundation in Hong Kong and the company has nearly 1.6 million active phone devices in this marketplace.