News Regional10 May 2019

China's largest insurer granted virtual banking license in Hong Kong

Ping An OneConnect, a member of China's Ping An Insurance Group, has received a banking licence effective yesterday from the Hong Kong Monetary Authority (HKMA) under the 'Banking Ordinance', allowing it to operate in the form of a virtual bank. The regulator also granted licenses to Ant SME Services (Hong Kong), Infinium and Insight Fintech HK. According to their business plans, these four newly licenced virtual banks intend to launch their services in around 6 to 9 months.

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