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Licensing Landscape of Payment and Banking Services in Hong Kong

The Hong Kong Monetary Authority (HKMA) awarded four additional virtual banking licenses on the 9th May 2019, on the back of the first batch of four licenses granted on 27th March, 2019 and 10th April, 2019 respectively. This takes HKMA’s tally of total virtual banking licenses granted to eight as of today. The upcoming crop of virtual banks in Hong Kong would allow the city to catch up with pioneers of the market such as the UK and US. With 5G mobile phone networks soon to become a reality, the launch of virtual banks would push Hong Kong a step closer to HKMA’s goal towards a New Era of Smart Banking and elevate the Hong Kong banking industry to a more attractive market to foreign investors.

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