Hong Kong's virtual banks aim to put the city back on top

Livi VB, SC Digital Solutions and ZhongAn Virtual Finance are the first three applicants to win a virtual bank licence in Hong Kong. And they are using fintech to control the risk.

Hong Kong's first batch of virtual banks will use fintech such as blockchain, artificial intelligence and big data to keep customers' money safe and to provide a better service. 

In what is a huge step, Hong Kong issued three virtual banking licences to three joint ventures last week. 

Among the first batch is Livi VB, which is owned by Bank of China Hong Kong, JD Digits and Jardines. It has said that it intends to use blockchain, artificial intelligence, big data, and smart risk modelling to help customers achieve their investment returns. Livi will mostly focus on a simple and secure...

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