The Hong Kong Institute of Bankers (HKIB) has onboarded six digital banks as company members, in line with a Jan. 2 press release.The HKIB is a no
The Hong Kong Institute of Bankers (HKIB) has onboarded six digital banks as company members, in line with a Jan. 2 press release.
The HKIB is a non-profit establishment that gives coaching and certification to the banking organizations in Hong Kong. The final banks becoming a member of the HKIB are Airstar Financial institution Restricted, Fusion Financial institution Restricted, Livi VB Restricted, Ping An OneConnect Financial institution (Hong Kong) Restricted, SC Digital Options Restricted and WeLab Financial institution Restricted.
New period in Hong Kong’s banking sector
Commenting on the information, Carrie Leung, CEO of the HKIB, stated that the launching of digital banks marked a brand new period within the improvement of the banking sector within the area, including:
“The HKIB now boasts a member base with 103 Company Members and Company Associates, and over 6,000 Particular person Members. With the exponential development within the native Fintech sector, we imagine that extra digital banks and Fintech corporations will see the significance of becoming a member of our group within the years forward.”
One of many targets of the HKIB is the promotion of fintech improvement in Hong Kong by offering coaching within the fields of cybersecurity, digital banking and associated areas. In 2020, the HKIB is planning to proceed to advertise expertise alternate and launch trade initiatives to encourage professionals to take part in fintech coaching packages, amongst different objectives.
Hong Kong continues to embrace fintech
In November 2019, the Hong Kong Financial Authority (HKMA) signed a Memorandum of Understanding with a subsidiary of the Individuals’s Financial institution of China (PBoC). The deal goals to create a Proof-of-Idea for a commerce finance platform from Q1 2020, linking two current initiatives: the HKMA’s eTradeConnect and the PBoC’s Commerce Finance Platform.
That very same month, HKMA revealed it was conducting analysis into purposes for a central financial institution digital foreign money. The challenge is being carried out along with Hong Kong Interbank Clearing Ltd. and three additional banks, in addition to blockchain consortium R3. HKMA reportedly goals to launch a significant report on its findings in Q1 2020.