Leading global law firm Herbert Smith Freehills has advised Industrial and Commercial Bank of China (Asia) Limited (ICBC) on a joint venture to create Infinium Limited, one of Hong Kong's first virtual banks.
Infinium is a joint venture between ICBC, China tech giant Tencent, Hong Kong Exchanges and Clearing, private equity firm Hillhouse Capital, and Hong Kong entrepreneur Adrian Cheng.
Infinium was one of eight banks to receive the first virtual lending licences issued by the Hong Kong Monetary Authority in early May, and plans to launch in six to nine months.
"We are delighted to have advised ICBC on its investment in Infinium Limited," said Hong Kong partner Tommy Tong. "Virtual banks are redefining the banking industry in Hong Kong, serving a new generation of mobile-first customers and improving financial inclusion for the underbanked."
Tommy led the team advising ICBC assisted by senior associate Lawrence Cheng and associate Maisie Ko.