Virtual Banking

WeLab Raises US$ 156 Million — Gearing up To Launch WeLab Bank by 2020

WeLab, one of the 8 companies granted license from the HKMA to operate a virtual bank announced today that it has raised US$ 156 million ( HK$ 1.2 billion) of Series C strategic financing, which makes it one of the

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After Hong Kong, Ant Financial is Now Eyeing Virtual Banking License in Singapore

Fresh off securing virtual banking license in Hong Kong, Ant Financial confirms that they are actively looking into pursuing virtual banking license in Singapore. Previously, Ping An’s One Connect and AMTD Group have also voiced similar ambitions, making this the

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Challenger Bank Tandem Recruits Ex-HSBC Banker Ahead of its Hong Kong Launch

Tandem, a full-service digital bank in the UK, announced that they have appointed ex HSBC banker Kunal Malani as their Chief Growth Officer. This news follows their earlier announcement that targetting to launch their digital financial services in Hong Kong

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Hong Kong’s AMTD May Apply for Virtual Banking License in Singapore

AMTD is reportedly keen to apply for Singapore’s virtual banking license. In an interview with local Singaporean media, its CEO Calvin Choi expressed that AMTD is very interested in Singapore and that they see this as a great opportunity to

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HKMA: Hong Kong Could Expect Soft Launch of Virtual Banks in The Next Few Months

Speaking at the Hong Kong Institute of Bankers Conference yesterday, Deputy Chief Executive Officer of HKMA, Arthur Yuen said that Hong Kong’s new virtual banks could potentially soft launch some of its services in the fourth quarter of this year.

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How China’s Virtual Banks Are Offering Loans to Micro-Businesses Within Minutes

In China, online lenders are filling the credit gap, leveraging cutting edge technology including artificial intelligence (AI) to make lending decision in just a second. E-commerce giant Alibaba’s MyBank and Internet conglomerate Tencent’s WeBank, have dramatically changed the domestic financial

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Where Does The Future Lie for Virtual Banks?

As Asia goes through our own virtual banking revolution, looking to our western counterparts may provide hints as to where this journey could eventually take us. Though the first virtual bank (or internet-only bank as it was known then) was

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South Korea Eyeing to Grant More Virtual Banking Licenses

South Korea’s Financial Services Commission (FSC), the government’s top financial regulator, will resume a new round of procedures for granting preliminary approval for digital banks, the FSC said on July 17. Earlier this year, the FSC said it intended to

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Line and Rakuten Are Among The First to Receive Taiwan’s Virtual Banking Licenses

Taiwan’s Financial Supervisory Commission is said to have issued it virtual banking licences to three consortiums, according to a report by Reuters. The licenses were granted to Line Financial Taiwan, Next Commercial Banking (led by local telco Chunghwa Telecom) and

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Tencent & ICBC’s Virtual Bank Renamed to Fusion Bank

Infinium Limited, the virtual bank jointly owned by Tencent, Hong Kong Exchanges and Clearing, Hillhouse Capital and Perfect Ridge today announced that it has been renamed Fusion Bank. The Chinese name of the virtual bank, “Fu Rong”, carries an implied

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