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Mainland virtual banks view HKMA’s regulation update as opportunity

Technology Digital Matrix Tech Data Network

Mainland Chinese virtual banks are angling to “pursue opportunities” in Hong Kong after the city’s regulators revised their guidelines for authorising virtual banking institutions, according to experts. In a recent briefing from King Wood Mallesons, the law firm said that a virtual bank licence is not a “backdoor” path for a banking licence in Hong Kong but, instead, the updated regulation…

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