China’s biggest technology groups have won approval to launch digital banks in Hong Kong in a long-awaited assault on the financial sector that threatens local players such as HSBC and Standard Chartered and heralds future challenges in London and New York.
Tencent and Alibaba were granted banking licences by the Hong Kong Monetary Authority, along with Xiaomi, the world’s fourth-largest smartphone maker, and Ping An, the world’s largest insurer, in what the city’s banking regulator called a “milestone”.
Hong Kong is emerging as a “proving ground”, said James Lloyd, head of fintech at consultants EY in Hong Kong. “It’s not hard to imagine that several of these players have local, regional and even global ambitions.”
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