The three newly licenced virtual banks are joint ventures involving BOCHK, JD Digits, Jardines, Standard Chartered, HKT, PCCW, Ctrip, ZhongAn Online and Sinolink.
March 27, 2019Norman Chan will leave behind a healthy banking industry with strong capital ratios and low bad debt levels. A selection panel will identify the HKMA's next chief.
February 22, 2019The HKMA has provided an update on the processing of virtual banking applications, saying it will shortlist one-third of remaining applicants with an aim to granting licences in Q1 2019.
December 10, 2018The HKMA is looking to build a more diversified regtech ecosystem in Hong Kong and urges for greater collaboration between the banking industry and technology community.
September 28, 2018Asia presents a unique mix of technological advancements and interconnected economic and regulatory systems, which makes it the perfect environment for rapid business growth for fintech/regtech companies with ambitious goals.
September 6, 2018Standard Chartered, WeLab, Zhong An Bank and HKT among several banking, technology and telecom firms applying for virtual banking licenses.
September 3, 2018A new era of smart banking in Hong Kong is anticipated to begin at the end of this year with the establishment of virtual banks. Competent players will embrace enormous opportunities to challenge the city's traditional banking model.
August 21, 2018Discussions are underway concerning a revision of South Korea’s Banking Act to nurture growth within the fintech industry, including a proposal to allow non-financial firms to hold up to 50% stakes in banks, including internet-only banks.
July 26, 2018The HKMA and its new regulations fail to recognise that virtual banking has long existed. Redundant and irrelevant rules only hold back fintech development in Hong Kong.
June 21, 2018Regulator publishes final guidelines but no change in capital requirements; companies seeking inclusion in first batch of virtual bank applications can apply by 31 August.
June 1, 2018