Hong Kong has approved 4 more digital banking licenses for Tencent, Alibaba, Xiaomi and Ping An; the approvals are sure to shake up the market as these are some of the most powerful names in China;Hong Kong is emerging as a “proving ground”, said James Lloyd, Head of Fintech at consultants EY in Hong Kong, to the FT. “It’s not hard to imagine that several of these players have local, regional and even global ambitions.”; traditional banks currently dominate the Hong Kong market but satisfaction levels are among the lowest in the world; the new licenses now bring the total approved to 8 as Hong Kong looks to become a hub of digital banking activity. Source.
