The Hong Kong Institute of Bankers (HKIB) is partnering with virtual banks, according to a press release from Markets Insider.
The release notes that the HKIB has accepted six virtual banks as members of their institution: Airstar Bank Limited, Fusion Bank Limited, Livi VB Limited, Ping An OneConnect Bank (Hong Kong) Limited, SC Digital Solutions Limited as well as WeLab Bank Limited.
Speaking on the matter is Carrie LEUNG, the Chief Executive Officer of the HKIB:
“The HKIB is thrilled to welcome six of the city’s virtual banks as Corporate Members. Launching virtual banks has marked a new era in the development of Hong Kong’s banking sector and underlines that professional training must advance to keep pace. The HKIB now boasts a member base with 103 Corporate Members and Corporate Affiliates, and over 6,000 Individual Members. With the exponential growth in the local Fintech sector, we believe that more virtual banks and Fintech companies will see the importance of joining our community in the years ahead.”
The HKIB has been working with virtual banks since the beginning of 2019, the release states, and plans to expand into other forms of Fintech and digital banking, which will more than likely involve cryptocurrencies such as Bitcoin, among blockchain technology and other developments within the space.