HKMA: Grants four virtual bank licenses

HKMA: Grants four virtual bank licenses

Hong Kong Monetary Authority (HKMA):  Has granted virtual bank licences to Ant Financial, Insight Fintech, PING AN’s OneConnect and Tencent

  • Xiaomi and AMTD’s bank, a joint project called Insight Fintech
  • According to the firms’ business plans, they aim to launch their banks in six to nine months
  • The HKMA is working closely with virtual bank licensees to help them prepare for launch
  • It aims to champion Smart Banking Initiatives in the city, and HKMA will monitor how these banks are doing after launch
  • The city estate has been granting these types of licences to increasingly more banks
  • ZhongAn Technologies International also granted a virtual banking licence by HKMA