Foreign 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, 2020Digital identity systems could form a significant component of the compliance infrastructures at the new digital banks in the years to come, says Refinitiv’s Phillip Malcolm.
February 27, 2020The framework will enable foreign banks in China to set up separate digital banking platforms, while also covering existing online-only banks WeBank, MYbank and AiBank.
January 15, 2020The efforts are aimed at developing data from non-financial sources, an electronic identification system, and a suitable regulatory framework.
January 14, 2020MAS will announce the successful applicants in June 2020. The new digital bank licencees will be expected to commence business by mid-2021.
January 7, 2020This list presents the most-read new stories published by Regulation Asia in 2019, based on aggregated user traffic analytics.
December 20, 2019ZA Bank, backed by ZhongAn and Sinolink Group, has launched services for 2,000 selected users to test under the HKMA's sandbox mechanism.
December 19, 2019