Hong Kong’s digital banks consider physical branches after HKMA rule change

Quick Summary:

WeLab Bank, ZA Bank and Mox Bank believe face-to-face interactions would be a good addition, while Livi Bank does not see a need.

It also replaced the term virtual bank with licensed digital bank in a bid to boost public confidence in the firms.“Taking into consideration feedback from the industry, the HKMA considers that giving flexibility to digital banks to conduct business through non-electronic channels in a limited manner will help improve their transaction processes and enhance customer experience,” a spokesman of the HKMA said.“The HKMA will carefully evaluate the rationale and justifications when processing applications from digital banks to set up a physical branch.

As the biggest reform for these lenders since their launch, the HKMA in October issued a new rule allowing them to have limited physical branches.

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Article Details

Author / Journalist: Enoch Yiu

Category: Business

Markets: Hong Kong

Topics: Welab Issued Livi Hkma Physical Digital Virtual Bank Eight Branches Banks

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-01-13 @ 07:30:17 (3 days ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 225 words

Reading Time: 2 minutes read

Sentences: 6 lines

Sentence Length: 38 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 25191459

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