Digital banks face up to reality

As Asia’s regulators warm to digital-only banks, can the incumbents hold their own?

SINGAPORE (Jan 31): The race is on for digital bank licences in Asia. Despite the ongoing protests in Hong Kong, the Hong Kong Monetary Authority (HKMA) has already doled out eight new virtual bank licences to add to the some 152 banks operating in the Special Administrative Region.

In March last year, HKMA awarded three virtual bank licences. The winners were Livi VB, co-owned by Bank of China (Hong Kong), JD Digits and Jardines; SC Digital Solutions, a joint venture between Standard Chartered, HKT, PCCW and Ctrip; and Zhong An Virtual Finance (ZA), a joint venture between ZhongAn Online and Sinolink.

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