HONG KONG: Hong Kong has issued online-only banking licences to three groups, including joint ventures of Standard Chartered and BOC Hong Kong, in what could be the biggest shake up in years in the city's retail banking sector dominated by old-guard lenders.
According to research from Accenture, 43 per cent of people living in Hong Kong have a positive experience when visiting their bank branch versus a global average of 57 per cent. "I believe that virtual banks will not only help drive FinTech and innovation, but also bring about brand new customer experiences and further promote financial inclusion in Hong Kong," he said.However, the entrenched position in Hong Kong of established banks, such as HSBC, StanChart and a slew of Chinese banks, is expected to be a major challenge for the holders of the online-only banking licence, whose road to profitability could be long.
BOC Hong Kong, a unit of Bank of China, will own 44 per cent in the Livi VB Ltd JV, while JD Digits will hold 36 percent and Jardines will have 20 per cent stake, it said.
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