Hong Kong starts granting licenses for virtual banks

Pedro Gonçalves
clock • 2 min read

The Hong Kong Monetary Authority (HKMA) has revealed the first batch of virtual banking licenses, the latest in a series of moves to help push innovation in the territory and strengthen Hong Kong's position as an international financial centre. HKMA doled out three virtual bank licenses and is processing five more, deputy chief executive Arthur Yuen said in a briefing. Firms that got the permits have partnered with Standard Chartered, BOC Hong Kong Holdings Ltd. and ZhongAn Online P&C Insurance Co and they intend to begin operating within nine months,  Yuen added. "The introduction of...

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