As many as six new Hong Kong virtual banks have been announced by the Hong Kong Institute of Bankers (HKIB). These latest entrants reflect the rising trend of virtual banks, especially in the Asia Pacific region.
The HKIB released a press statement stating that the Banking Training and Certification Institute of Hong Kong have added six new virtual banks to its members’ list. These freshly minted entities now power the growing digital financial realm of the city. Currently, HKIB has one hundred corporate members in addition to the six thousand members. The latest list features Bank of China, WeLab Bank Ltd. and Fusion Bank Ltd.
Hong Kong virtual banks are leading the winds of change
Chief Executive Officer of HKIB, Carrie Leung, stated his organisation is excited to add six new partners. The six new Hong Kong virtual banks mark the start of exciting times in the city’s financial realm. At the same time, he states that advanced training standards must be followed in order to ensure fast-paced developments.
The latest addition suggests that HKIB intends to feature more virtual banks in its portfolio to achieve its fintech targets for 2020. As per the press statement, HKIB also provides extensive fintech training and refresher courses besides covering digital security-related topics. Last year, the Hong Kong Monetary Authority began granting virtual bank licenses to private players. The idea was to encourage non-mainstream financial developments that will help propel the fintech realm.
Crypto, fintech and virtual banks all form Hong Kong’s digitisation drive
The drive to modernise the fiscal realm of the city means Hong Kong is looking towards crypto, virtual banks and other such measures. The authorities are working to create regulations and guidelines for the cryptocurrency exchanges.
However, rising political tensions may demand a rethink. The anti-Chinese protests have disrupted many sectors and industries across the city. Many Hong Kong virtual banks have relations with mainland Chinese firms. How the city will manage political and technical matters remains to be seen.
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