HKMA piles pressure on small lenders to digitise as Hong Kong’s virtual banks gain traction with customers

• Hong Kong’s eight virtual banks have accumulated HK$15 billion (US$1.93 billion) worth of deposits and attracted 420,000 customers since their launch last year
• Virtual banks to generate up to HK$76 billion of revenues per year by 2025, capturing a combined market share of 19.3 per year, report says