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Payments & FinTech Lawyer

Hong Kong proposes reforms to the authorisation of virtual banks

As part of its ‘New Era of Smart Banking,’ the Hong Kong Monetary Authority (’HKMA’) launched a consultation on 6 February 2018 on updating its guidance for virtual banking applicants. Proposed changes include the promotion of financial inclusion and the removal of the need to establish a physical branch locally. John M. Casanova, a Member of the Payments & FinTech Lawyer Editorial Board, alongside Annie Lau and Heather Ong, all of Sidley Austin LLP, discuss the proposed changes and what they aim to achieve.

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