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.
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