Tag "Virtual banking"

Meet Hong Kong’s 8 New Virtual Banks

Hong Kong Monetary Authority (HKMA) has announced a grand total of eight virtual banking license recipients, in three separate announcements so far. Despite the rumoured 29 hopefuls vying for the license, it’s likely that HKMA will only be granting licenses

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Ant Financial, Tencent, and Xiaomi Are Among HK’s New 4 Virtual Banking Licensees

The Hong Kong Monetary Authority (HKMA) issued virtual banking rights to 4 more companies: Ant SME Services (Hong Kong) , Infinium, Insight Fintech HK, and Ping An OneConnect. According to their business plans, these four newly licenced virtual banks intend

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Li Ka-Shing Backed WeLab is the First Homegrown Fintech Granted Virtual Banking License

WeLab has been granted a virtual banking license by the Hong Kong Monetary Authority (“HKMA”), becoming the first homegrown Hong Kong fintech company to establish a virtual bank. This brings the total number of approved virtual banking players in Hong

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Even This Fintech Unicorn Thinks Hong Kong’s Virtual Banking License is Too Restrictive

The virtual banking race is on for different regions across the globe, and the Hong Kong Monetary Authority (HKMA) has put its hat in that race with the virtual banking license, as part of a larger plan to turn Hong

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Neat Snubs Virtual Banking License and Picks Up The Money Lender License Instead

The fintech startup Neat, a digital banking alternative, has been granted a Money Lender’s License in Hong Kong, which marks their first step in their pursuit of global financial regulation. The move also marks Neat’s full turn away from virtual

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The First 3 Recipients of HKMA’s Virtual Banking License Have Been Announced

The Hong Kong Monetary Authority (HKMA) announced today that three companies have been granted virtual banking licences: Livi VB, SC Digital, and ZhongAn Virtual Finance. As rumoured in our previous report, some of the companies granted licenses are joint ventures that include

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Neat Reveals One Key Problem With HKMA’s Virtual Banking License and Why They Won’t Bother

The Hong Kong Monetary Authority (HKMA)’s decision to set up the virtual license is often seen as a strategic move, if a tad overdue. Reportedly, the regulator saw over 29 applications, which rumour has it, includes companies like Ant Financial,

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4 Out of 5 of Customers Don’t Think Banks Know What They Need

According to a study conducted by JD Power, 54% of customers don’t fully trust their primary banks, which the study marks as notable sinceconsumers often consider banks their trusted adviser for financial planning. The study finds that four in five

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HKMA is Rumoured to be Granting Virtual Banking Licenses to China’s Fintech Giants

Since its announcement in early 2018, HKMA’s virtual banking license has attracted strong interest from the industry to seek regulatory approval to operate a virtual bank. It is reported that within a short time frame the regulator saw over 29

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Local Virtual Bank Neat, Scores US$3 M Funding Led by Linear Capital

Hong Kong-based challenger bank Neat, announced a US$3 million funding round led by China-based VC Linear Capital, an early stage venture focusing on data-driven startups. This brings the total funding raised by Neat this year to US$5 million. Existing investors

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