Tencent is said to own an 85.01% stake in FuSure. Credit:大 神 on Unsplash.

FuSure Reinsurance, a joint venture controlled by Chinese tech giant Tencent, has received a licence to provide reinsurance services in Hong Kong.

The insurer will now be able to offer reinsurance services, which involves offering services to other insurers.

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Citing regulatory documents, Caixin reported that licence permits FuSure to offer 17 types of products, including accident, health, auto, rail, air, shipping and fire reinsurance.

However, it is not authorised to directly offer insurance products and services to individual consumers or merchants.

The licence award comes barely a week after Caixin reported that regulators have asked Tencent to club financial services business into a new holding company so that they can be better regulated.

FuSure Re was founded in May 2020 with approximately $126m capital.

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Chinese tech conglomerate Tencent is said to own an 85.01% stake in FuSure and the remaining 14.99% stake is owned by private investment company Grand Azure. Last month reports emerged that Tencent-backed Chinese insurtech Waterdrop is reportedly eyeing up to $360m in a stock market flotation in New York.

In the IPO on the New York Stock Exchange, the company plans to sell 30 million American Depository shares priced from $10-$12 apiece, reported Reuters citing filings with the Securities and Exchange Commission (SEC).