Challenger banks have been a trend in markets such as the UK in the last few years, but activity is ramping up in Asian markets like South Korea, Greater China and Southeast Asia, says James Lloyd, fintech and payments leader for Asia-Pacific at EY, in the recently published Citi GPS: Global Perspectives and Solutions report, titled “Bank X: The New New Bank”. (more…)
Hong Kong Monetary Authority
via Tech in Asia
Hong Kong’s monetary authority handed out three virtual bank licenses to allow financial institutions to operate branchless savings and lending businesses, as the city catches up with other Asian jurisdictions in disrupting traditional banking to move it beyond brick-and-mortar premises.
March 27, 2019