Hong Kong authorities are planning to issue digital banking licenses to Tencent, Ant Financial and Xiaomi; Goldman Sachs estimates there is more than $15bn in revenue opportunity for the tech giants; “Hong Kong is dominated by the top three or four banks and some of them are just complacent,” said Isabel Wendleken, from consultancy Capco Digital in Hong Kong, to the FT; only 53 percent of people in Hong Kong were satisfied with their banking services last year, showing potential of new firms coming in to take market share. Source.
