In 2018, when Hong Kong launched its virtual bank licence, there was a palpable sense of excitement. The Hong Kong Monetary Authority (HKMA) received 33 applications, as the success of WeChat Pay and Alipay in mainland China fuelled expectations that virtual banks would revolutionize the industry.
The vision was to create a new kind of bank, one that was entirely embedded in consumers’ lives and seamlessly connected with various apps, offering a full range of services.
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