The launch of new online-only banks in Hong Kong is expected to be delayed in pa...
HONG KONG - The launch of new online-only banks in Hong Kong is expected to be delayed in part due to anti-government protests in the city, people with direct knowledge of the matter said.
But as protests stretch into a fourth month, the new banks, seen triggering the biggest shake-up to Hong Kong’s retail banking sector in years, will now launch early in 2020, the people told Reuters. “This form of banking service is mainly aimed at the youth, millennials, and many of them are out on the street these days joining the protests,” a senior executive at a license winner said.
Hong Kong awarded virtual banking licenses to three groups in March - joint ventures led by StanChart and BOC Hong Kong, and a subsidiary of the international arm of Chinese online insurer ZhongAn Online P&C Insurance. HKMA said starting six-to-nine months after authorization was “not a rigid requirement”, but services were expected to be rolled out to the public in the fourth quarter at the earliest based on the virtual banks’ latest indications.
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