Hong Kong Monetary Authority: Virtual banks will be renamed as "digital banks"

ChainCatcher news, the Hong Kong Monetary Authority has released a summary of the consultation on the proposed renaming of virtual banks, stating that virtual banks will be renamed as "digital banks," and guidelines will be revised to implement the new name as soon as possible.

During the consultation period, a total of 26 submissions were received, including from industry or professional organizations, virtual banks, and citizens. Respondents generally supported the renaming proposal, with most also agreeing to the suggested new name "digital banks." The Monetary Authority will revise the guidelines on the "Recognition of Virtual Banks" to implement the new name digital banks as soon as possible.