HKMA grants first three virtual banking licences
Move is “major milestone” for Hong Kong’s efforts to compete as financial centre
The Hong Kong Monetary Authority has granted its first three virtual banking licences, almost 19 years after publishing the initial guidelines for applications, it announced on March 27.
The move is one of seven measures the central bank announced in September 2017 to push the country into the “smart banking era”. It is a “major milestone” in the central bank’s ambitions for Hong Kong to continue competing as a leading financial centre.
“I believe virtual banks will not only help drive fintech
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
More on Financial market infrastructure
Eurosystem completes first DLT experiment
Austrian central bank settled “mock transaction” on distributed ledger technology
HKMA creates tokenisation advisory group
New group includes BIS Innovation Hub, regulators, academics, banks and tech firms
Fed releases guidance on third-party services
Fed board warns of possible operational, compliance, financial and strategic risks
RBA report looks at cross-border payments
Multilateral platform would be more scalable than bilateral links, Australian central bank says
Stress-test failures increase banks’ M&A scrutiny, Fed research finds
US lenders’ merger-related activity improves if they have failed tests, authors say
ECB says iPhone is currently incompatible with digital euro
Apple users may have worse digital euro payments experience – Cipollone
RBNZ seeks views on design of ‘digital cash’
New Zealand central bank continues proof-of-concept work on “private and secure” CBDC
Bank of Italy study looks at regulating finance firms’ tech risks
European authorities’ efforts have increased sector’s operational resilience, researchers find
Most read
- Trends in reserve management 2024: survey results
- People: RBI appoints senior officials
- China to start selling ultra-long term sovereign bonds