Hong Kong Monetary Authority: Consultation on the proposal to rename "virtual banks" to "digital banks"

2024-08-06 17:15:11

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ChainCatcher news, the Hong Kong Monetary Authority today published a review report on virtual banks. According to the review results, the development of virtual banks has now achieved the three policy objectives set for the introduction of virtual banks in Hong Kong. In addition, the technology-driven innovative banking business model of virtual banks has been widely accepted in the Hong Kong market. As of the end of 2023, the number of virtual bank account holders has reached 2.2 million. The market response to the products and services offered by the eight virtual banks has been positive. Meanwhile, the Monetary Authority also launched a one-month public consultation today on the proposal to rename "virtual banks" to "digital banks." It is expected that the proposed new name will more effectively reflect the current banking business model of virtual banks.

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