Hong Kong issues guidelines for virtual banks

Latest News

Hong Kong issues guidelines for virtual banks

By Mark Evans

07/02/2018

Hong Kong’s regulators have set up draft rules around virtual banks, with a minimum of HK$300 million (US$38.36 million) in capital, and restrictions on imposing a minimum account balance or low balance fees.

The Hong Kong Monetary Authority will receive feedback on these guidelines until March 15, with final regulations issued in May.

Virtual banks – banks that only operate online and do not have a physical presence, will still need at least one physical office to handle complaints from customers.

The move is a significant opening up of Hong Kong, and potentially allows a rapid deployment of challengers and fintech into the territory, and a foothold in China.

Bringing Teams to the table – Adding value by integrating Microsoft Teams with business applications

A decade ago, the idea of digital collaboration started and ended with sending documents over email. Some organisations would have portals for sharing content or simplistic IM apps, but the ways that we communicated online were still largely primitive.

Automating CX: How are businesses using AI to meet customer expectations?

Virtual agents are set to supplant the traditional chatbot and their use cases are evolving at pace, with many organisations deploying new AI technologies to meet rising customer demand for self-service and real-time interactions.