A security guard in front of the Hong Kong Monetary Authority. Photo: SCMP A security guard in front of the Hong Kong Monetary Authority. Photo: SCMP
A security guard in front of the Hong Kong Monetary Authority. Photo: SCMP

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

Topic |   Banking & Finance
A security guard in front of the Hong Kong Monetary Authority. Photo: SCMP A security guard in front of the Hong Kong Monetary Authority. Photo: SCMP
A security guard in front of the Hong Kong Monetary Authority. Photo: SCMP
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