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Payments General

Standard Chartered applies for HK virtual licence for new bank

Thursday 30 August 2018 | 02:24 PM CET

Standard Chartered Bank (Hong Kong) has set up a new entity for its virtual bank and has already submitted its application for a virtual banking licence to the Hong Kong Monetary Authority.

The new bank will be focusing on financial inclusion and fostering dynamic partnerships to create a comprehensive digital ecosystem.

The bank had already announced its intentions to seek this licence in June 2018 for its new project, which aims to “deliver innovative digital solutions with a human touch to clients in Hong Kong”. In other words, the aim is to digitise the banking process with the new entity.

Standard Chartered has been very busy dealing with blockchain projects recently, particularly in Hong Kong, where it’s partnered with other banks to launch a trade finance blockchain platform.

More recently, Standard Chartered has teamed with Siemens Financial Services, the financing arm of Siemens, and TradeIX, a digital trade provider, to create blockchain-based smart guarantees for trade finance.

More: Link
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