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HKMA Arthur Yuen: Digital Banks Developing at Healthy Pace, Policy Goals Achieved
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Virtual banks were officially changed name to digital banks. According to Arthur Yuen, Deputy Chief Executive of the Hong Kong Monetary Authority (HKMA), digital banks tracked a steady rise in the total number of customers, deposit amounts, loan amounts and operating income as of June 2024. Although none of the eight digital banks have yet achieved annual break-even, the overall development is healthy. Yuen deemed that the authority's policy objectives were achieved. When asked about the market rumors that some digital banks would have stake transferred or sold, Yuen emphasized that all shareholders of each digital bank promised at the beginning of the application process to follow the principle of long-term operation, and therefore it is not easy for them to withdraw or trade their licenses. At the moment, there is no intention to issue new licenses, but the authorities will allow individual digital banks to introduce new shareholders. AAStocks Financial News |
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