Late last month, the Hong Kong Monetary Authority (HKMA) announced the issuance of the very first virtual banking licenses. Hong Kong has long been a financial center and key industrial hub for all of Asia. A “white paper” recently issued by WHub, touts the progress of Hong Kong’s evolution into a global Fintech Hub. The goal for Hong Kong, it appears, is not just to maintain the status quo of Hong Kong as a global financial center but to vault it to the leading spot when it comes to financial innovation. The upcoming Hong Kong Fintech Week, scheduled for November, is planning a significant expansion over last years successful event.

Source: Wall Street Journal April 06, 2019 16:30 UTC