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The HKMA will scrutinise the IT platform of the applicants, the viability of their business plans and their financial background. Now that the guidelines have been issued the applicants can formally apply for a licence immediately.
Simon Loong, co-founder of the home-grown fintech unicorn WeLab, who had previously told the Post that his company would be among the first applicants for a virtual banking licence, welcomed the move. They cannot charge excessively high interest rates or engage in over-aggressive strategies to compete for market share.
Although these virtual banks will only operate online, the authority requires them to have at least one physical office that can also handle complaints from customers.
They would need to have an exit plan. Yuen also said the HKMA was yet to set a cap for issuing licences and that some conventional banks had expressed interest in applying for a virtual bank licence.
He expects the virtual banks to offer simple services such as deposits and lending for individuals and SMEs. We think you'd also like Thank youYou are on the list. This article appeared in the South China Morning Post print edition as:But digital technology and big data/analytics are still poised to shake up the financial-services industry.
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More than 50 companies from across the world have expressed interest in applying for virtual bank licences, with Hong Kong Monetary Authority setting August 31 as the deadline for receiving. Personal Loan: Compare Personal Loan Interest Rate from 30+ Banks Check Eligibility Calculate your Monthly EMI in 10 Secs Paperless Approval in 30 Mins Loan upto ₹ 30 Lakhs Apply Online Now Get Amazon Gift Card ₹ FREE.