The Hong Kong Monetary Authority published a review report on virtual banks today. According to the review results, the development of virtual banks has achieved the three policy objectives of introducing virtual banks in Hong Kong. In addition, the innovative banking business model of virtual banks using technology as the driving force has been widely accepted in the Hong Kong market. As of the end of 2023, the number of depositors of virtual banks reached 2.2 million. The market response to the products and services provided by the eight virtual banks is ideal. At the same time, the HKMA also launched a one-month public consultation on the proposal to change the name of "virtual banks" to "digital banks" today. It is expected that the proposed new name will more effectively reflect the current banking business model of virtual banks.
