HONG KONG—The first batch of virtual banking licenses here have been granted to three financial organizations by the Hong Kong Monetary Authority (HKMA).
The licenses were granted to Livi VB Limited, SC Digital Solutions Limited and Zhong An Virtual Finance Limited, China.org reported.
Norman Chan, chief executive of the HKMA, said that the introduction of virtual banks in Hong Kong is a key pillar supporting Hong Kong's entry into the smart banking era.
"It is a major milestone in reinforcing Hong Kong's position as a premier international financial center. I believe that virtual banks will not only help drive FinTech and innovation, but also bring about brand new customer experiences and further promote financial inclusion in Hong Kong," Chan said.
In targeting the retail public and small- and medium- enterprises as their main client base, virtual banks should help promote financial inclusion in Hong Kong, he added.
The three newly licensed virtual banks intended to launch their services within six to nine months, according to their business plans, China.org reported.