Hong Kong Moves to Bring Virtual Bank Into Reality
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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