Granting of virtual banking licence

Granting of virtual banking licence

The Hong Kong Monetary Authority (HKMA) announced today (10 April 2019) that the Monetary Authority has granted a banking licence under the Banking Ordinance to Welab Digital Limited (WDL) for it to operate in the form of a virtual bank. The granting of the banking licence takes effect today.

This is the 4th virtual banking licence granted by the HKMA. The introduction of virtual banks in Hong Kong is a key pillar supporting Hong Kong’s entry into the Smart Banking Era. It is a major milestone in reinforcing Hong Kong’s position as a premier international financial centre. Virtual banks will not only help drive FinTech and innovation, but also bring about brand new customer experiences and further promote financial inclusion in Hong Kong.

According to its business plan, WDL intends to launch its services within 6 to 9 months.

The HKMA is making good progress in the processing of the remaining 4 shortlisted virtual bank applications.

Hong Kong Monetary Authority
10 April 2019