Hong Kong Monetary Authority: Revised Guidelines on Authorization of Digital Banks have been issued to implement the new name

The Hong Kong Monetary Authority released a briefing document for the Financial Affairs Committee of the Hong Kong Legislative Council, which pointed out that following the publication of the consultation summary on October 14, 2024, it has issued and gazetted the revised guidelines for the "Authorization of Digital Banks" to implement the new name. It is reported that digital banks must comply with the same set of regulatory requirements applicable to traditional banks, but some regulations will be adjusted based on the business model of digital banks, based on the principles of risk-based and technology-neutral. According to the updated information of the Hong Kong Monetary Authority, as of October 25, 2024, there are eight digital banks registered in Hong Kong: Airstar Bank Limited, Ant Bank (Hong Kong) Limited, Fusion Bank Limited, Li & Fung Bank Limited, MOX BANK LIMITED, PAO BANK LIMITED, WeLab Bank Limited, and ZhongAn Bank Limited.