(Yicai Global) July 19 -- Infinium, a virtual lender jointly set up by Tencent Holdings and other founders, recently changed its name to Fusion Bank, Sina Finance reported.

The Hong Kong-based bank, whose new name refers to connecting the globe and benefiting people everywhere, was one of the first eight institutions granted a virtual banking license by the Hong Kong Monetary Authority in May. They are expected to begin operating within about six to nine months.

Since winning a permit Fusion Bank has been preparing its organization, personnel, product development, procedure design and user experience, said Chairman Lai Zhiming, who is also vice president of Tencent.

The bank will serve consumers who have not benefited from the traditional financial system, such as small-sum depositors, and will take measures, including setting no requirements and charges for minimum account balances, to offer high-quality services to the public as well as small- and mid-sized companies.

Fusion Bank's other founders include Industrial and Commercial Bank of China Asia and Hong Kong Exchanges and Clearing House.