<a href="https://www.hkib.org/">Hong Kong Institute of Bankers</a> (HKIB) brought onboard at least six virtual banks as its corporate members. The non-profit institution provides training as well as certification to banking organizations in Hong Kong. 

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. 
<h2>A New Era in Hong Kong’s Banking Sector</h2>
Meanwhile, launching the New Year with virtual banks marks a new era for rapid development in the banking sector.  He noted: 
<blockquote>“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.”</blockquote>
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. 
<h2>Hong Kong Continues Embracing Fintech</h2>
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 <a href="https://www.cryptoknowmics.com/news/china-hong-kong-central-bank-agreement-for-blockchain-adoption">adoption of blockchain technology</a>.

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. 

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Hong Kong Institute of Bankers Brings Onboard Virtual Banks

Hong Kong Institute of Bankers (HKIB) brought onboard at least six virtual banks as its corporate members. The non profit institution provides...

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience.

Hong Kong Institute of Bankers Brings Onboard Virtual Banks

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