Virtual Banking

Hong Kong's virtual banks face real-world test

For these new lenders, making a splash with attractive rates was just the first step. The real challenge begins now as they confront a crowded marketplace and deal with complex issues such as risk management and data protection.

Christopher Chu

January 27, 2021

Hong Kong’s banking authority had lofty goals of boosting fintech innovation and social inclusivity when it gave out the first virtual banking licenses in the first half of 2019, but for the eight lenders that have since started operations, immediate challenges are plenty and mounting.

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