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Fintech is an opportunity, not a threat – Hong Kong’s banks

In 2019 the Hong Kong Monetary Authority gave out 8 new licences to virtual banks, to encourage competition and growth in the fintech sector, as well as to position Hong Kong as a leader in global banking. Interestingly, and unlike in most geographies, Hong Kong’s incumbent bank’s greeted the move positively, stating that they would like to partner with technology service providers to raise the bar on their own offering.

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