Rongchai Wang
Aug 06, 2024 13:25
The HKMA issued a report on virtual banks, evaluating their impact and proposing a name change to ‘Digital Banks’.
The Hong Kong Monetary Authority (HKMA) has released a comprehensive report evaluating the performance and impact of virtual banks (VBs) in the region. This review, conducted in 2024, comes several years after the inception of the first eight virtual banks in 2020, according to the HKMA.
Key Objectives of the Review
The HKMA’s report aimed to achieve four main objectives:
- Assess the delivery of the three policy objectives for introducing virtual banks to Hong…