Should investors be worried about tariffs?
Talk of tariffs and trade wars have dominated the headlines, but what's the real economic impact? The Ivy team share their views.
Hong Kong, a global leader in banking and finance, is bracing for the arrival of so-called virtual banks — financial institutions without physical branches where all transactions are online – reports CNBC.
Authorities are keen to raise Hong Kong’s game in financial technology, part of broader ambitions to turn the semi-autonomous Chinese territory into a “smart city” amid intensifying regional and global digital competition.
Financial regulator Hong Kong Monetary Authority (HKMA) released revised guidelines for virtual banks at the end of May after consultations with stakeholders, including the Hong Kong Association of Banks.
The HKMA said more than 50 companies have expressed interest in the licenses. Firms face an August deadline for the first batch, which could be issued as early as this year. Locally based payments platform Yedpay and international bank Standard Chartered said they plan to apply for licenses, while online lending operator WeLab is reportedly among those hoping to obtain one.
“The development of virtual banks will promote the application of financial technology and innovation in Hong Kong and offer a new kind of customer experience,” the HKMA said. (Source: CNBC
Articles are chosen for summary in this Market Intelligence blog based on newsworthiness in conjunction with The Infinite Loop themes. Any opinions and views expressed in the articles are generally those of the underlying author from the source listed, are not necessarily current as of the date of this blog, may change as market or other conditions change, and may differ from views expressed by Ivy Investment Management Company and its associates or affiliates. Actual investments or investment decisions made by Ivy Investment Management Company and its affiliates will not necessarily reflect the views expressed in the articles. These articles are distributed for educational purposes only and are not investment advice or a recommendation to purchase, sell or hold any specific security mentioned in the article or to engage in any investment strategy. Investment decisions should always be made based on each investor’s specific financial needs, objectives, goals, time horizon and risk tolerance. Securities discussed may not be suitable for all investors.