Hong Kong issues new guideline on virtual bank authorisation
The Hong Kong Monetary Authority (HKMA) published its revised Guideline on Authorization of Virtual Banks (the Guideline) on 30 May 2018 following a public consultation which closed in March 2018. The Guideline is intended to encourage virtual banking in Hong Kong, one of seven HKMA initiatives to move Hong Kong to a “new era of smart banking”.Other key initiatives include a faster payment system (FPS) for banks and stored value facilities which is scheduled for launch in September 2018. It is hoped that virtual banks will expand the range of products available to consumers and improve financial inclusion. Read More…