Asia-focused banking giants HSBC and Standard Chartered are set to face fresh competition after China's two biggest companies landed a virtual banking licence in Hong Kong. . The Hong Kong Monetary Authority (HKMA) said that it had awarded units of Tencent and Alibaba banking licences
The Hong Kong Monetary Authority (HKMA) said on Thursday that it had awarded units of Tencent and Alibaba banking licences so that the technology giants can now set up virtual banks. The Hong Kong market is currently dominated by traditional lenders such as HSBC and Standard Chartered, but analysts predict billions of dollars to go into the pockets of online rivals now the market has opened up. Goldman Sachs told clients earlier this year that around $15bn was up for grabs, or 30pc of total market share, with the new licences...
