HKMA Hands out Three Virtual Banking Licences in Competitive Hong Kong Banking Market
The Hong Kong Monetary Authority, or HKMA, awarded three virtual banking licences to a number of joint venture companies with businesses expected to launch within six to nine months. The three licence winners are Livi VB, consisting of narrow-moat-rated BOC Hong Kong, JD.com and Jardine Matheson; SC Digital Solution, a joint venture between Standard Chartered, HKT, PCCW and Ctrip; and Zhong An Virtual Finance, a partnership between ZhongAn Online and Sinolink. Another five virtual bank applicati...
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