Compliance Corner - Standard Chartered

Editorial Staff

14 June 2018

Standard Chartered
UK-headquartered (Hong Kong) has announced today it is applying for a virtual banking license.

This is part of the bank’s strategy to advance financial inclusion, fintech innovation and client experience in Hong Kong, it said in a statement.

The bank has set up a task force to study the details of the revised guidelines on the authorisation of virtual banks as set out by the Hong Kong Monetary Authority (HKMA).

“We are supporting a new era in smart banking that will help clients better understand their financial position and how to achieve their financial goals,” Mary Huen, chief executive of SC Hong Kong. “We are developing our virtual bank with innovation and client needs in mind so that their banking experiences cater to their digital lives.”