Hong Kong Monetary Authority Embraces Change for Financial Institutions
Monday, 6 May 2024, 01:30
Enhancing Public Trust with New Terminology
The Hong Kong Monetary Authority (HKMA) is set to revamp the designation of virtual banks, transforming them into licensed digital banks to enhance trust within the financial industry. The decision to shift terminology is fueled by a desire to eliminate negative connotations associated with 'virtual banks' and establish a more robust perception of digital banking services in Hong Kong.
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