The Hong Kong Monetary Authority has granted three virtual bank licences and is processing five more, deputy chief executive Arthur Yuen said during a a briefing.
HONG KONG: Hong Kong’s traditional banks are set to face one of their biggest challenges yet: a new breed of financial technology firms estimated to snare as much as 30% of their revenue.
The Hong Kong Monetary Authority has granted three virtual bank licences and is processing five more, deputy chief executive Arthur Yuen said in a briefing on Wednesday. Firms that got the permits have partnered with Standard Chartered Plc, BOC Hong Kong Holdings Ltd and ZhongAn Online P&C Insurance Co and they intend to begin operating within nine months, Yuen said.
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