Digital & Technology

Eight Virtual Banks have been approved for operation in Hong Kong

The gates to the banking industry have been opened for FinTech companies in Hong Kong following the HKMA's approval of 8 digital banks

Following the recent overhaul of the HKMA’s digital banking guidelines on the authorisation of digital banks, the stage has been set for new firms to take advantage of the potential of digital banking, as reported by Asia Business Law Journal.

The approvals are key in enabling the development of FinTech and encouraging innovation in the wealth management industry. The guidelines established by the HKMA will be vital in ensuring the legitimacy of the new firms, thus ensuring as much security as possible, but also will facilitate the promotion of financial inclusion within the Hong Kong wealth management industry, providing access to the convenience and innovation present within digital banking.