Hong Kong Institute of Bankers Brings Onboard Virtual Banks

Latest banks on the board include Airstar Bank Limited, Fusion Bank Limited, Ping An OneConnect Bank (Hong Kong) Limited, WeLab Bank Limited and SC Digital Solutions Limited. 

A New Era in Hong Kong’s Banking Sector

Meanwhile, launching the New Year with virtual banks marks a new era for rapid development in the banking sector.  He noted: 

“The HKIB now boasts a member base with 103 Corporate Members and Corporate Affiliates, and over 6,000 Individual Members. With the exponential growth in the local Fintech sector, we believe that more virtual banks and Fintech companies will see the importance of joining our community in the years ahead.”

Among the objectives of HKIB will be the promotion of Financial Technology Development in Hong Kong. In fact, the Central Bank is planning to promote talent exchange as well as launch several industry initiatives. They would additionally encourage professionals to participate in Fintech education programs. 

Hong Kong Continues Embracing Fintech

The Hong Kong Monetary Authority (HKMA) signed an MoU with a subsidiary of the People’s Bank of China (PBoC). The Memorandum of Understanding sought to establish a Proof of Concept for a trade finance platform as of the first quarter of 2020. This follows the memorandum signed between the two parties in November regarding the adoption of blockchain technology.

Achieving this would mean linking two existing projects: the PBoC Trade Finance Platform and HKMA’s eTradeConnect. In the same month, HKMA noted that it would be conducting research into applications of the Central Bank Digital Currency. Meanwhile, the inclusion of virtual banks will be conducted by three banks and the Hong Kong Interbank Clearing Limited. In addition to the blockchain consortium R3. In fact, the Hong Kong Monetary Authority will release a major report of its findings in 2020 Q1.