Why Hong Kong’s virtual bank revolution could be late

Online security compliance issues look set to delay the granting of Hong Kong’s first virtual banking licenses, just as cybercrime fears build across the region.

Hong Kongers have been promised a virtual banking revolution but they may have to wait a bit longer for it due to cyber-security concerns that could delay the awarding of new banking licenses.

Local regulators have been working to a first-quarter deadline but it could now go down to the wire, a person familiar with the process has told FinanceAsia. So it is now “entirely possible’’ that a final decision on the new licenses could roll over into the second quarter, the person said.

When asked specifically if there was a likelihood that the granting of the licenses could drag...

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