The Hong Kong Monetary Authority (HKMA) has granted virtual banking licenses to Livi VB, SC Digital Solutions and ZhongAn Virtual Finance, effective Mar 27. Chief Executive of HKMA Norman Chan said the introduction of virtual banks is a key pillar supporting the city’s entry into the Smart Banking Era and is a major milestone in reinforcing Hong Kong’s position as a premier international financial center. According to the regulator, five more applications are in the pipeline.
