On 30 May 2018, the Hong Kong Monetary Authority (HKMA) issued a revised Guideline on Authorization of Virtual Banks.
Under the revised guidelines, HKMA in processing virtual banking licences applications will give priority to those applicants which can demonstrate that:
(i) they have sufficient financial, technology and other relevant resources to operate a virtual bank;
(ii) they have a credible and viable business plan that would provide new customer experience and promote financial inclusion and fintech development;
(iii) they have developed or can develop an appropriate IT platform to support their business plan; and
(iv) they are ready to commence operation soon after a licence is granted
For legal advice and legal services on E-commerce & Fintech, please contact Chow & Cheung, Hong Kong solicitors & notary public (E-mail: cac@ccsn.hk).
www.ccsn.hk
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