Virtual Bank
What are virtual banks? What benefits do virtual banks offer?
Virtual banking is intensifying the competitive dynamics affecting Hong Kong banking. Competition in Hong Kong is off to a slow start as possible growth prospects are being hindered by economic uncertainties. You have probably heard the term “Virtual Bank” a lot recently, and may have received a referral from a friend. What are virtual banks and what benefits do they offer? What are virtual banks?Virtual bank does not have any physical branches. The tool to communicate between the bank and the client is a smartphone or tablet, allowing uninterrupted access to bank representatives anytime, anywhere. Virtual banks must follow the same regulations that the Hong Kong Monetary Authority (HKMA) has […]
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,” […]
