Banking News

Standard Chartered applies to operate digital only bank in Hong Kong

Standard Chartered applies to operate digital only bank in Hong Kong

(11 June 2018 – Hong Kong) Standard Chartered has announced its plans to apply for a virtual bank licence in Hong Kong, making it the first traditional bank to do so.

 The Hong Kong Monetary Authority last month announced details on its virtual bank licences and set August 31 as the deadline for the first batch of applications. Standard Chartered has set up a task force to work closely with the HKMA to apply for the licence.

“We are supporting a new era in smart banking that will help clients better understand their financial position and how to achieve their financial goals. We are developing our virtual bank with innovation and client needs in mind, so that their banking experiences cater to their digital lives,” said Mary Huen, chief executive of Standard Chartered Hong Kong office.

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