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Virtual banks have finally made an inroad into Hong Kong’s financial industry. The Hong Kong Monetary Authority (HKMA) has begun granting licences for virtual banks to operate in the special administrative area in March this year. To date, the HKMA
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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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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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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
Read MoreThe 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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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,
Read MoreAccording 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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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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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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