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Hong Kong Moves to Bring Virtual Bank Into Reality

The Hong Kong Monetary Authority (above) will review applicants for the city’s first virtual banks. Photo: VCG
The Hong Kong Monetary Authority (above) will review applicants for the city’s first virtual banks. Photo: VCG

Hong Kong’s monetary authority is moving to issue its first batch of virtual bank licenses as soon as the end of this year in a push to tap into smart banking and fintech expansion.

The Hong Kong Monetary Authority, the special administrative region’s de facto central bank, said Wednesday it will accept applications for online-only banks until Aug. 31. So far, more than 50 companies from around the world have expressed interest in applying, according to the HKMA.

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