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HKMA grants 4 more licenses for virtual banks

The Hong Kong Monetary Authority (HKMA) has granted virtual banking licenses to 4 companies, bringing the total number of virtual bank license owners to 8. The 4 new license owners are Ant SME Services (Hong Kong), Infinium, Insight Fintech HK and Ping An OneConnect Company. These entities intend to launch their services in about 6 to 9 months. The HKMA is now working closely with the 8 virtual bank licensees to prepare for the launch of their business operations in accordance with their plans. It expects to be able to conduct a comprehensive assessment of the situation about one year after the first virtual bank has launched its service. After granting the four new licenses, the number of licensed banks in Hong Kong increased to 160. The other entities who have won the license to operate virtual banks are Livi VB, SC Digital Solutions and ZhongAn Virtual Finance and Welab Digital.

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