British banking major Standard Chartered is set to file an application with the Hong Kong Monetary Authority (HKMA) for a virtual banking licence in Hong Kong.
The licence will enable the bank to operate online without maintaining physical branch offices.
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The decision by Standard Chartered comes after the Hong Kong Monetary Authority announced details of its virtual bank licences last month. The firms looking for virtual baking licence need to submit the application before the deadline of 31 August.
Standard Chartered Hong Kong CEO Mary Huen said: “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. As a note – issuing bank in Hong Kong and a bank of almost 160 years’ history, we are committed to promoting financial inclusion and Hong Kong as an international financial centre.”
The bank has set up a task force to study the details of the revised guidelines on the authorisation of virtual banks. The task force will work closely with HKMA to get a licence for a virtual bank.
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By GlobalData
