By Rohini Goyal, Head of APAC Digital Strategy, Frankie Wai, Head of Business Solutions Group, Greater China, and Dharmesh Mistry, Chief Digital Officer
While it’s true Hong Kong is an overbanked market, the city is also opening its doors to virtual banks in 2019 to increase regional and global competition – and to live up to its name as ‘Asia’s World City.’ These virtual banks are set to operate as fully digital enterprises: they will not have any physical branches and will provide all services via the Internet and on mobile platforms.
Compared to Hong Kong, Australia and the UK are more at the forefront of virtual banking – all of which means Asia’s ‘world city’ has some catching up to do. But that shouldn’t take too long. For context, see the story of Australia’s Volt bank – which is classified as a ‘neo’ or ‘challenger’ bank. Volt was the first bank of its kind to get a full banking license, and was able to launch in a mere six months.
With that in mind, download a complimentary copy of the full article for the major banking trends driving the evolution of Hong Kong’s virtual banking industry.