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Dissatisfied clients get more choice with HKMA’s issuance of four new virtual bank licences

The Hong Kong Monetary Authority (HKMA) has issued four more virtual bank licences, thus boosting competition in a city where the majority of clients are dissatisfied with their banks’ digital services, according to consultancy firm Accenture. Specifically, the regulator granted licences to Ant SME Services, a subunit of Ant Financial; Ping An OneConnect, established by Ping An Insurance; Insight Fintech…

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