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The HKMA plans to replace the term ‘virtual bank’ with ‘licensed digital bank’ in reference to the city’s eight branchless lenders to remove negative connotations associated with the term in Chinese.
Hong Kong’s largest virtual bank is preparing to introduce virtual asset trading services for retail investors, CEO Ronald Iu says. Plans are afoot as a new regulatory regime is rolled out in June.
Hong Kong consumers anticipate increasingly using financial technology (fintech) firms and virtual banks, whereas nearly half of the Gen Z respondents look to apply for new credit or refinance existing credit in the upcoming year, a TransUnion survey found.
All eight of Hong Kong’s virtual banks are still making a loss, but six of them narrowed their net losses last year following growth in loans and an expansion in new businesses.
The country’s first virtual banks are expected to begin offering services in 2025 amid a push to boost competition, widen loan access and cut costs for businesses and individuals.