HKMA rolls out initiatives to promote ‘smart banking’

hong-kong-island
HKMA launches seven 'smart banking' initiatives

The Hong Kong Monetary Authority has unveiled seven initiatives to prepare the city for “smart banking”, including the upgrade of its supervisory sandbox and the modification of licensing guidelines to promote virtual banks.

Speaking at a banking conference in Hong Kong today (September 29), Norman Chan, chief executive of the HKMA, said upgrading the banking system is not “just something nice to have” but is “a must”.

Chan also hit back at criticism that Hong Kong has been slow in developing

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