A more in-depth appear in the eight virtual banks digitally disrupting Hong Kong’s fintech sector
Digital banking and progressive fintechs, startups and unicorns have irreversibly disrupted the earth of finance around the final decade. Though in Europe (specially in britain) and also the US, these digital-first, digital-only or mobile banks have risen into a place out there in which they're competing with conventional banking properties, incumbents and economical establishments, the broader globe of finance continues to be slower to adapt.
In the united kingdom, challenger electronic banks like Monzo, Revolut and Starling have attained robust manufacturer recognition and important industry penetration, that has a put together user foundation of all-around 11 million people today. European digital bank N26 alone has five million customers. By providing flexible, digital-first expert services to an increasingly tech-savvy era of consumers, these challenger banking institutions are pushing a wave of electronic disruption across their household regions’ banking sectors, also as preventing fiercely to ascertain a beachhead in the US market place.virtual banking license
The virtual bank revolution in Hong Kong
Whilst digital banks are now being founded globally (and much more and even more legacy banks are bettering their digital offerings) adoption within the ApAC, African and South American areas has still to reach the size of Europe or the US. This may be going to improve, being a new wave of banking licenses are issued across Asia, prompting fierce competitiveness in between a new era of digital banking institutions, since they contend to appeal to prospects clear of equally incumbents and each other.
Below we take a nearer seem with the virtual banking landscape in Hong Kong, adhering to the federal government awarding 8 electronic banking licenses. You can see more details on every of such in the box out segment.
Digital banking and progressive fintechs, startups and unicorns have irreversibly disrupted the earth of finance around the final decade. Though in Europe (specially in britain) and also the US, these digital-first, digital-only or mobile banks have risen into a place out there in which they're competing with conventional banking properties, incumbents and economical establishments, the broader globe of finance continues to be slower to adapt.
In the united kingdom, challenger electronic banks like Monzo, Revolut and Starling have attained robust manufacturer recognition and important industry penetration, that has a put together user foundation of all-around 11 million people today. European digital bank N26 alone has five million customers. By providing flexible, digital-first expert services to an increasingly tech-savvy era of consumers, these challenger banking institutions are pushing a wave of electronic disruption across their household regions’ banking sectors, also as preventing fiercely to ascertain a beachhead in the US market place.virtual banking license
The virtual bank revolution in Hong Kong
Whilst digital banks are now being founded globally (and much more and even more legacy banks are bettering their digital offerings) adoption within the ApAC, African and South American areas has still to reach the size of Europe or the US. This may be going to improve, being a new wave of banking licenses are issued across Asia, prompting fierce competitiveness in between a new era of digital banking institutions, since they contend to appeal to prospects clear of equally incumbents and each other.
Below we take a nearer seem with the virtual banking landscape in Hong Kong, adhering to the federal government awarding 8 electronic banking licenses. You can see more details on every of such in the box out segment.