Hong Kong grants four more virtual bank licenses

Tuesday 14 May 2019 00:17 CET | News

The Hong Kong Monetary Authority (HKMA) has granted virtual bank licences to Ant Financial, Xiaomi and AMTD Group, PING AN’s OneConnect and Tencent.

Xiaomi and AMTD’s bank is a joint project called Insight Fintech.

According to the companies’ business plans, they aim to launch their banks in six to nine months. The HKMA is now working closely with a total of eight virtual bank licensees to help them prepare for launch.

Chan adds that the launch of these banks and granting these licences aims to champion Smart Banking Initiatives in the city, and that the HKMA will monitor how these banks are doing after launch.

There is a total of 160 banks licensed in Hong Kong.

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Keywords: The Hong Kong Monetary Authority, bank licence, banking, Ant Financial, Xiaomi, AMTD Group, PING ANs OneConnect, Tencent
Countries: World