Are Virtual Banks a Threat to Hong Kong’s Big Banks and Their Shareholders?
The Hong Kong Monetary Authority (HKMA) recently granted a number of licenses to virtual banks in the city. But what exactly are they? Put simply, virtual banks are financial institutions that operate without physical branches.
With transactions taking place over the internet, smartphones, or other electronic channels, virtual banks can provide the same services traditional retail banks offer, including loan and credit card applications, while leveraging existing ATMs for cash deposits and withdrawals.
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Source Fool.com
