Hong Kong has issued its first batch of digital banking licences, giving a mix of traditional financial institutions and Chinese companies a chance to compete for a $15bn pot of retail banking business in the Asian financial hub.
The Hong Kong Monetary Authority issued licences to three companies, including joint ventures involving Standard Chartered, a Bank of China subsidiary and a third led by online insurer ZhongAn Online P&C Insurance.
But observers were surprised that Chinese technology companies Tencent and Alibaba’s Ant Financial were left out of the first round of approvals.
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