Digital economy

The Hong Kong Monetary Authority has introduced a new licensing regime for virtual banks to deliver retail banking services through the internet instead of physical branches. Photo: Alamy

Collaborative ecosystem to define Hong Kong’s virtual banking space

Hong Kong’s financial services industry is likely to move towards an ecosystem of traditional banks collaborating with innovative start-ups, technology and telecom companies, forging strategic partnerships and adopting fintech solutions to enhance service offerings, according to KPMG.