Hong Kong - March 2018 - FTAHK welcomes the HKMA’s proposed revision of the “Guideline on Authorization of Virtual Banks”, a key deliverable within its New Era of Smart Banking Initiatives.
The FinTech Association of Hong Kong (“FTAHK”) welcomes the Hong Kong Monetary Authority’s (“HKMA”’s) New Era of Smart Banking Initiatives announcement made on 29 September 2017, and re-enforced during HKMA FinTech Day, 23 October 2017, during Hong Kong’s flagship “FinTech Week”.
The HKMA plans to implement multiple initiatives to support innovation in the banking sector and embrace the opportunities brought about by the convergence of financial services and technology. This response focuses on the initiative to revise the “Guideline on Authorization of Virtual Banks” first published in 2000, and subsequently revised in 2012, in line with corresponding revisions to the Banking Ordinance.
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