This list presents the most-read new stories published by Regulation Asia in 2020, based on aggregated user traffic analytics.
December 22, 2020What were some of the challenges of rolling out virtual banks in Hong Kong, and what were the biggest factors in technology and regulatory compliance considerations?
October 7, 2020Ant Bank and Ping An OneConnect Bank launched virtual banks in Hong Kong. Fusion Bank is the only virtual bank that has not yet commenced operations.
October 1, 2020A recent sequence of measures to shift to lower-cost, digital-first services for SME and retail customers is largely seen as a response competition from the new virtual banks.
September 14, 2020Separately, new legislation is under development to expedite the digital banking sector, targeted to pass by the end of 2020.
September 6, 2020Livi Bank, backed by BOCHK, JD Digits and Jardine Matheson, has become the fourth virtual bank to open to the public in Hong Kong.
August 12, 2020Foreign individuals will be allowed to own up to 40% of a digital bank, while qualified foreign banks can own up to 100%.
July 7, 2020Successful virtual banks are likely to branch out into wealth management services, robo-advisory and fund distribution, says a new Calastone paper.
July 3, 2020Despite the delays, operations are still likely to commence by year-end at the three new digital banks - Line Bank, Next Bank, and Rakuten Bank.
June 28, 2020Recent initiatives by HSBC to shift to lower-cost, digital-first services are largely seen as a response to new competition from virtual banks in Hong Kong.
June 24, 2020