The Hong Kong Monetary Authority (HKMA) approves three Virtual banking licenses

The Hong Kong Monetary Authority (HKMA) has granted virtual banking licenses on 27 March 2019 under the Banking Ordinance to Livi VB Limited, SC Digital Solutions Limited and ZhongAn Virtual Finance Limited for them to operate in the form of a virtual bank. The granting of these virtual banking licenses takes effect today. HKMA is making good progress in the processing of the remaining 5 virtual banking license applications.

Virtual banks will have no physical branches, they will rely on the internet for customer acquisition and for the delivery of banking services.

Mr. Norman T.L. Chan, Chief Executive of the HKMA, said, “We are pleased to grant the three virtual banking licenses today. The introduction of virtual banks in Hong Kong is a key pillar supporting Hong Kong’s entry into the Smart Banking Era. It is a major milestone in reinforcing Hong Kong’s position as a premier international financial centre. I believe that virtual banks will not only help drive FinTech and innovation but also bring about brand new customer experiences and further promote financial inclusion in Hong Kong.

Date: 27th March 2019

Click to read the full article ( HKMA Press Release)

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