Hong Kong to end deposit-taking companies as part of reform to simplify banking structure

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Hong Kong to end deposit-taking companies as part of reform to simplify banking structure - SCMP

Quick Summary:

The HKMA is cutting the city’s existing three-tier banking system into two as part of its biggest reform in four decades.

They can convert into restricted licensed banks as long as they can meet the capital requirements and other thresholds at the end of the five-year transition period.

The move would “revitalise institutions in the category of deposit-taking companies and enhance their flexibility and efficiency in conducting business and meeting customers’ needs”, Yue said in June last year when the HKMA proposed the consultation.