HKMA

Virtual Banking is developing in Hong Kong under COVID-19

At a time when much of the national economy is struggling. Many company have essentially shut down but current economic environment does offer some bright spots. One is the rise of virtual banking development in Hong Kong. Virtual banks, also called neobanks, primarily deliver retail banking services through the internet or other electronic channels instead of physical branches. “The Hong Kong Monetary Authority granted eight virtual banking licenses in 2019, and most only began operations in recent months as a result of launch delays. This is unsurprising as we believe that new entrants are likely to exercise more prudence under a worsening economic outlook from the coronavirus and trade tensions,” […]