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Hong Kong Approves First Batch of Digital Banking Licenses

Hong Kong Approves First Batch of Digital Banking Licenses

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FintechNews Roundup
··1 min read

The Hong Kong Monetary Authority (HKMA) has approved the first batch of digital banking licenses for Standard Chartered, a Bank of China subsidiary and online insurer ZhongAn Online P&C Insurance; China’s biggest fintech firms, Tencent and Alibaba’s Ant Financial, were not yet approved which came as a surprise to some; the HKMA said an additional 5 licenses were being considered and more announcements will be coming soon; “This is the best thing to happen to Hong Kong fintech in many years,” said James Lloyd, head of fintech at EY in Hong Kong, to the FT. “The combination of banks and non-banks allows for the creation for genuinely new types of products.” Source.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

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