HKMA clarifies: Virtual banks renaming themselves as digital banks does not mean that only such banks can provide digital banking services in Hong Kong

Odaily News The Hong Kong Monetary Authority announced today that it intends to rename virtual banks as digital banks. The HKMA clarified that choosing digital banks can be different from the existing "digital banking services" of traditional banks. Digital banks focus more on the business model and financial technology applications adopted by virtual banks, rather than their deposit forms. In addition, the Hong Kong Monetary Authority stated that the renaming of virtual banks to digital banks does not mean that only such banks can provide digital banking services in Hong Kong. (Hong Kong Monetary Authority)