Standard Chartered Hong Kong to apply for virtual banking licence
Standard Chartered intends to apply for a virtual banking licence in Hong Kong as it seeks to tap into the digital and financial inclusion markets.
Another digital hunt
According to the bank, it has set up a task force to study the details of the revised guidelines on the authorisation of virtual banks as set out by the Hong Kong Monetary Authority (HKMA).
Mary Huen, CEO, Standard Chartered Hong Kong, says it is developing the virtual bank “with innovation and client needs in mind so that their banking experiences cater to their digital lives” and it is “committed to promoting financial inclusion and Hong Kong as an international financial centre”.
Samir Subberwal, regional head, retail banking, Greater China and North Asia, Standard Chartered, adds: “We have talked to clients and we started with the realities of Hong Kongers’ lives. People do not want another account with a different brand, they want their financial lives simplified.”
In reality, they both mean the bank is offering a fully digital account.
Standard Chartered didn’t have much more to say, but reminded people it launched its eXellerator Lab in April.
The latest eXellerator, located in Kwun Tong, with an area of over 10,000 square feet, is a space for business units, clients, tech firms and partners to solve problems and explore opportunities.
Last week, SuperCharger, a fintech accelerator in Asia, and its main partner Standard Chartered, released the results of their third 12-week programme. The cohort of companies achieved 47 commercial deals, raised $14.4 million in funds, received 17 awards and established a relevant business network.
