HK virtual bank licences within weeks

Source: The Standard. James Henry Lau Jr, the Secretary for Financial Services and the Treasury, said licenses for virtual banks would be issued in next couple of weeks in batches, and the total number will be revealed at that time.

He stressed that the requirements are strict and it does not only aim to develop the traditional banking business but also innovation, so that traditional banks cooperating with fintech companies will have advantages.

As for the property market, Lau said that the government did not intend to ease the restrictive policies for the time being.

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