The Hong Kong Monetary Authority has received 29 applications for the first batch of virtual bank licenses, with the applicants ranging from telecommunications operators and financial technology companies to global banks. An HKMA spokesperson said interested parties could still submit the application but they would not be in the first batch of processing. The HKMA earlier said 70 parties showed interested in the licenses. Hong Kong is preparing to have virtual banks and some 60 firms are expected to apply to be pioneers in financial revolution. The HKMA had begun accepting applications in May for the licenses which will enable banks to operate online in the city without physical branches. Among the applicants are Standard Chartered Bank, online lender WeLab, a consortium led by CASH Financial Services Group, and Zhong An Bank allied with China Citic Bank. In addition, HKT, a joint venture by Bank of East Asia, Airwallex and Sequoia Capital China, also submitted an application ahead of the deadline.
