First Hong Kong virtual bank licenses released

11/01/2019

 

StanChart, Tencent and Ant Financial Land will be the first institutions to have the concession

 

The Hong Kong Monetary Authority granted virtual bank licenses to Standard Chartered, Tencent Holdings and Ant Financial. The news was from the Shanghai Securities News. The three institutions mentioned, however, were not the only ones to send the application for the virtual bank license. In fact, since the end of August, the central bank has received 29 applications, but almost one third did not submit sufficient data to obtain the license.

The central bank began accepting applications in May after announcing the requirements for virtual banks. An HKMA spokesperson said: “The HKMA has submitted about a third of the applicants who had most of the data required for the next review cycle.” The spokesman added that candidates come from a variety of backgrounds, including local and offshore banks, non-bank financial institutions and technology companies.

 

Candidates come from a variety of backgrounds, including local and offshore banks

 

The Hong Kong Monetary Authority spokesman – HKMA is the Hong Kong’s currency board and de facto central bank –  also said that “HKMA will examine candidates more closely in the next round, assessing their financial status and determining whether their directors, auditors and CEOs they are suitable candidates “.

For now, the authority has not officially released the list of licensees and none of the three companies has commented on this.

 

 

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