StanChart to apply for virtual banking licence in Hong Kong

Monday 11 June 2018 13:35 CET | News

Standard Chartered plans to apply for virtual banking licence in Hong Kong, amid a rush by global banks to boost their digital presence to attract more young customers.

The Hong Kong Monetary Authority, the central bank in the Asian financial hub, is expected to start granting licences to viHKMArtual banking platforms towards the end of 2018 or in the first quarter of 2019.

The virtual banking platforms will have no physical branches and are expected to mainly offer retail banking services.

Like peers around the world, banks in Asia, mainly in major hubs including Hong Kong and Singapore, have been boosting investments on internet and mobile banking services in the battle to lure tech-savvy students and young professionals.

Ever since the HKMA announced its intention to encourage virtual banking in Hong Kong in September 2017, it has received enquiries and indications of interests from over 50 companies, the central bank said.

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Keywords: Standard Chartered, banking licence, HKMA, Hong Kong
Countries: World

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