HKMA receives ‘broad support’ for plans to simplify banking system
Hong Kong’s de facto central bank says industry welcomes proposed switch from three tiers to two
The Hong Kong Monetary Authority (HKMA) on August 5 published the conclusions of its consultation on the planned consolidation of the territory’s banking system.
Hong Kong’s de facto central bank proposed last year to reform the current three-tier system, which comprises licensed banks (LBs), restricted licence banks (RLBs) and deposit-taking companies (DTCs). It planned to merge the latter two tiers and create a new system comprising LBs and RLBs.
LBs mostly provide commercial banking services
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