CBI member, DLA Piper has announced that it successfully advised Ping An OneConnect on the regulatory issues in the course of its successful application for a virtual banking license granted by the Hong Kong Monetary Authority.
The Hong Kong Monetary Authority granted Ping An a license to set up a virtual bank, with the company planning to launch four of these newly licensed virtual banks over the next 6 to 9 months. Virtual banks have become a key innovation driver in Hong Kong, with virtual banks having been identified as key pillars to the expansion of financial inclusion to individuals and business of all levels and sizes.
Roy Chan, senior corporate partner at DLA Piper said, “[DLA Piper] are delighted that our long term client Ping An OneConnect has been granted a virtual banking license by the HKMA. The launch of virtual banks in Hong Kong is a key milestone towards facilitating greater financial innovation in the city and the regions. These licenses and their holders provide a key avenue to attract The Greater Bay Area customers and an opportunity to enhance Hong Kong’s business prospects. [DLA Piper] also see this as a great way to include more people and businesses in our financial market, as such we are pleased to work alongside our clients to capitalise on the opportunities this presents.”
To view the full press release, please follow the link.
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