HKMA Grants Three Virtual Banking Licenses in Hong Kong

Norman T.L. Chan, the Chief Executive of HKMA, said, “The introduction of virtual banks in Hong Kong is a key pillar supporting Hong Kong’s entry into the Smart Banking Era. It is a major milestone in reinforcing Hong Kong’s position as a premier international financial center." He added that the virtual banks, which are expected to help promote financial inclusion in Hong Kong, will have no physical branches and will rely on the internet for customer acquisition and for the delivery of banking services.

According to Arthur Yuen, Deputy Chief Executive of HKMA, preparations prior to commencement of business include testing of IT platform and system and finalization of detailed risk management measures and controls. HKMA is actively processing additional five virtual bank applications.

Keywords: Asia Pacific, Hong Kong, Banking, Virtual Banking, Fintech, Regtech, Digital Banks, Bank Licenses, HKMA