Virtual Banking
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
Read MoreThe 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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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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WeCash is Bidding For a Virtual Bank License In Hong Kong
Wecash, a Beijing-based fintech start-up has teamed up with Japanese financial firm ORIX and Hong Kong property developer SEA Group to apply for a virtual bank licence from the Hong Kong Monetary Authority. George Zhi Zhengchun, 32, founder and chief executive of Wecash,
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Open Banking in Hong Kong to Fuel The City’s Fintech Ambitions
Open banking is gaining traction globally fueled by regulations like the EU’s PSD2 and the UK’s CMA Open Banking, a combination of banks’ internal efforts and market initiatives. Open banking refers to the use of open Application Programming Interfaces (APIs)
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Virtual Banks to Shake up Hong Kong Banking Landscape
Hong Kong is gearing up for the arrival of virtual banks, or financial institutions without physical branches. The Hong Kong Monetary Authority (HKMA) is set to issue the first batch of virtual bank licenses as early as this year. The
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Rise of The Neo-Banks: Hong Kong Issues New Guidelines for Virtual Banks
The Hong Kong Monetary Authority (HKMA) published today a revised Guideline on Authorization of Virtual Banks (the Guideline) following the completion of a public consultation. During the public consultation, the HKMA received submissions from a total of 25 respondents, including
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Hong Kong Reveals Guideline on Authorization of Virtual Banks
The Hong Kong Monetary Authority (HKMA) published today a revised Guideline on Authorization of Virtual Banks for public consultation. As part of the package of initiatives announced in September 2017 to bring Hong Kong into a New Era of Smart
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A New Era of Smart Banking in Hong Kong
The Hong Kong Monetary Authority (HKMA) unveiled a number of initiatives that prepare Hong Kong to move into a New Era of Smart Banking. In a keynote speech delivered during the Annual Banking Conference of the Hong Kong Institute of
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