Fintech

Hong Kong adds four more virtual banking licences

With the addition of Ant Financial, Insight Fintech, Infinium and Ping An, eight banks in Hong Kong now have virtual banking licences.

Hong Kong Monetary Authority HKMA issued four more virtual banking licences on Thursday, to four companies related to Chinese tech giants.

Ant Financial’s Hong Kong subsidiary Ant SME Services received one licence, as did Insight Fintech HK, a joint venture between Xiaomi and investment company AMTD, and Infinium, a joint venture between Tencent, ICBC Bank, Hong Kong Exchange, Hillhouse Capital and entrepreneur Adrian Cheng. The final licence went to Ping An Insurance subsidiary Ping An OneConnect.

This is the third time that the Hong Kong authority has issued virtual banking licences. The Monetary Authority issued the first batch of three in March, and...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222