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By Qian Tong and Han Wei / Jun 20, 2019 03:54 AM / Business & Tech

Photo: VCG

Photo: VCG

Chinese internet giant Tencent Holdings Ltd. initiated a management shakeup in its financial business as part of the company’s broader internal restructuring to redefined its business landscape, Tencent said Wednesday.

Lai Zhiming, vice president and head of Tencent’s fintech division, was named chairman of Infinium Ltd., a Hong Kong-based virtual bank jointly launched by Tencent, state-owned Industrial and Commercial Bank of China Ltd. and Hong Kong Exchanges and Clearing Ltd.

Lin Haifeng, the former head of Tencent’s mergers and acquisitions department, will succeed Lai to lead the fintech division, according to an internal announcement.

The new appointments were made to serve Tencent’s new-business development, said Tencent President Liu Zhiping, The company encourages internal transfers of managers to support personal development and increase organizational vitality, Liu said.

Since September last year, Tencent has launched a series of internal reshuffles affecting most of its business divisions outside those related to fintech.

The fintech division, including payment, online banking and investment business, is part of Tencent’s Corporate & Development Group which altogether contributed 21.8 billion yuan ($3.1 billion) of revenue in the first quarter, Tencent’s second-biggest revenue source after online games.

Related: In Depth: Why Tencent Wants a Lift in Corporate Cloud Customers

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