Hong Kong, with a population of seven million, is already served by 151 licensed banks and is one of the most over-banked markets in the world.
Nevertheless, in an effort to boost innovation, the regulator issued eight additional digital bank licences in 2019, a decision that has turbocharged the already fierce competition in the city’s banking sector.
Virtual banks in Hong Kong collectively saw a 20% increase in customer numbers, 23% growth in total deposits and 19% growth in loans last year.
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