Midas touch: China's tech, financial firms eye virtual gold rush

China's virtual gifting market, typically the domain of plugged-in young consumers celebrating special occasions or flirting, is luring major financial institutions keen to boost trade of another auspicious commodity: gold.

Tencent's digital gold packets, known as "microgold", are backed by the country's biggest bank, Industrial and Commercial Bank of China (ICBC) (601398.SS). They allow users to send funds that track the real-time value of gold to friends over the firm's popular messaging platform WeChat.

Midas touch: China's tech, financial firms eye virtual gold rush