Hong Kong prepares to usher in virtual banks

After the issuance of the Guidelines on Authorization of Virtual Banks in May 2018, banks in Hong Kong, incumbents and newer entrants alike, are finding their way to the future of banking where an internet connection means connecting with clients anytime, anywhere. In this light, the extent and scope of the use of financial technology (fintech) in banking is being debated and a recent news story in the SCMP discussed what could lie ahead for the Hong Kong banking industry, not least the dozens of firms applying for virtual bank licenses.

Deloitte's China Financial Services Industry Leader Tim Pagett shared his views in the article. He believes that through fintech-enabled applications, virtual banks will be able to establish meaningful and lasting customer relationships in the online space. The increasing use of online payments may lead to much less need for traditional modes of payment including cash. Read the full article here.

Source: SCMP