Hong Kong Monetary Authority to Review Renaming Licensed Virtual Banks to Licensed Digital Banks to Increase Public Confidence in Virtual Banks, HKMA Issues 1-Month Consultation on Change, Current 8 Virtual Banks are ZA Bank, Airstar Bank, WeLab Bank, Livi Bank, Mox Bank, Ant Bank, PingAn OneConnect Bank & Fusion Bank
8th May 2024 | Hong Kong
The Hong Kong Monetary Authority (HKMA) is reviewing renaming the term “Licensed Virtual Banks” to “Licensed Digital Banks” to increase public confidence in virtual banks. The HKMA has issued a 1-month consultation on the proposed name change. The current 8 virtual banks are ZA Bank, Airstar Bank, WeLab Bank, Livi Bank, Mox Bank, Ant Bank, PingAn OneConnect Bank & Fusion Bank. HKMA – Virtual bank is defined as a bank which primarily delivers retail banking services through the internet or other forms of electronic channels instead of physical branches. The introduction of virtual banks in Hong Kong is a key pillar supporting Hong Kong’s entry into the Smart Banking Era. The HKMA believes that the development of virtual banks will promote fintech and innovation in Hong Kong and offer a new kind of customer experience. In addition, virtual banks can help promote financial inclusion as they normally target the retail segment, including the small and medium-sized enterprises (SMEs).
“ Hong Kong Monetary Authority to Review Renaming Licensed Virtual Banks to Licensed Digital Banks to Increase Public Confidence in Virtual Banks, HKMA Issues 1-Month Consultation on Change, Current 8 Virtual Banks are ZA Bank, Airstar Bank, WeLab Bank, Livi Bank, Mox Bank, Ant Bank, PingAn OneConnect Bank & Fusion Bank “
Hong Kong Monetary Authority to Review Renaming Licensed Virtual Banks to Licensed Digital Banks to Increase Public Confidence in Virtual Banks, HKMA Issues 1-Month Consultation on Change, Current 8 Virtual Banks are ZA Bank, Airstar Bank, WeLab Bank, Livi Bank, Mox Bank, Ant Bank, PingAn OneConnect Bank & Fusion Bank
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