Operators, vendors tipped for Hong Kong banking bid - Mobile World Live

Operators, vendors tipped for Hong Kong banking bid

30 AUG 2018

Alipay-parent Ant Financial, operator HKT and smartphone maker Xiaomi prepared to go head-to-head with traditional finance providers in a bid to secure online-only banking licences from regulators in Hong Kong, Reuters reported.

The Hong Kong Monetary Authority deadline for the first batch of applications is 31 August. Those approved must meet a number of criteria including having access to significant cash reserves, and employing strict security and money laundering protections.

Reuters said its sources estimated 70 companies submitted expressions of interest with “more than a dozen” expected to formally apply. Only three are expected to be granted licences in the first round of allocations.

Other companies rumoured to be in contention are Chinese online giant Tencent; Bank of China; and multinational banking group Standard Chartered.

Although mobile payment brands already operate in Hong Kong, virtual banking licences will allow the provision of a wider number of financial services putting them on par with physical banks.

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Chris Donkin

Chris joined the Mobile World Live team in November 2016 having previously worked at a number of UK media outlets including Trinity Mirror, The Press Association and UK telecoms publication Mobile News. After spending 10 years in journalism, he moved...

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