In May 2018, the HKMA revised its guideline on the authorisation of virtual banks. This guideline sets out the requirements for: ownership, ongoing supervision, physical presence, technology risk, risk management, business plan, exit plan, customer protection, outsourcing and capital.

Since March 2019, the HKMA issued eight virtual banking licences. Some of them have already commenced businesses. Virtual banks do not have physical branches. Instead, they deliver all services via the internet and in general, do not impose minimum balance requirements or low-balance fees on customers. 

• What makes the virtual banks more competitive than traditional banks?
• How do they do the eKYC processes?
• What are the products offered that distinguish them from others?
• What will be the next steps for virtual banks?

To understand more about virtual banks and the above questions, you can join this web seminar. In this web seminar, we will cover: 

• Basic requirements of a virtual bank
• Virtual banks vs traditional banks
• Features of existing virtual banks
• What's next