Virtual banking licence granted

2019-04-12 20:30:04

The Monetary Authority today announced it has granted a virtual banking licence to Welab Digital.

This is the fourth virtual banking licence it has granted.

The authority said the introduction of virtual banks is key to supporting Hong Kong?s entry into the smart banking era and is a major milestone in reinforcing the city?s position as a premier international financial centre.

It added 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.

According to its business plan, Welab Digital will launch its services within six to nine months.

The authority is processing the remaining four shortlisted virtual bank applications.

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