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WM services in the offing for Hong Kong’s new virtual banks

The Hong Kong Monetary Authority (HKMA) granted three virtual banking licences yesterday with an emphasis on promoting financial inclusion in the city, adding that wealth management will not be a focus in the short term. The regulator granted the first batch of licences to three joint ventures on 27 March: Livi VB Limited, set up by Bank of China (Hong Kong),…

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