Hong Kong's monetary authority hopes to issue first virtual bank license in Q4
HONG KONG - The Hong Kong Monetary Authority (HKMA) Wednesday published a revised guideline on authorization of virtual banks and hoped to issue licenses at the end of this year the soonest.
"We are pleased to have broad support received during the public consultation for the development of virtual banking. Interested parties are beginning to submit applications to the HKMA," Norman Chan, Chief Executive of the HKMA, said on Wednesday.
The HKMA conducted a public consultation on a draft revised Guideline on Authorization of Virtual Banks (the Guideline) between Feb 6 and March 15, 2018.
All respondents supported the introduction of virtual banking in Hong Kong. Most of them also agreed that virtual banks should be subject to the same supervisory requirements applicable to conventional banks.
Chan hoped that the HKMA could start granting licences to virtual banks towards the end of this year or in the first quarter of next year.
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