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StanChart may apply for virtual bank license in Hong Kong

Standard Chartered Bank said it is applying for a license to operate a virtual bank in Hong Kong. The bank has initiated a strategy to advance financial inclusion, fintech innovation and bringing enhanced client experience in Hong Kong. The bank has formed a task force to study the details of the revised guidelines on the authorization of virtual banks as set out by the Hong Kong Monetary Authority (HKMA). Samir Subberwal, regional head, Retail Banking, Greater China and North Asia, of the bank, said the bank has talked to clients and found that people do not want another account with a different brand. What they want is their financial lives simplified.

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