HKMA grants first three virtual banking licences
Move is “major milestone” for Hong Kong’s efforts to compete as financial centre
The Hong Kong Monetary Authority has granted its first three virtual banking licences, almost 19 years after publishing the initial guidelines for applications, it announced on March 27.
The move is one of seven measures the central bank announced in September 2017 to push the country into the “smart banking era”. It is a “major milestone” in the central bank’s ambitions for Hong Kong to continue competing as a leading financial centre.
“I believe virtual banks will not only help drive fintech
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