15 March 2018
Mr Howard Lee, JP
Deputy Chief Executive
Hong Kong Monetary Authority
55/F, Two International Finance Centre
8 Finance Street
Central Hong Kong
Consultation on “Guideline on Authorisation of Virtual Banks”
The Hong Kong General Chamber of Commerce welcomes the opportunity of commenting on the Consultation on the Hong Kong Monetary Authority’s draft Guideline on Authorisation of Virtual Banks (“the CP”). We are pleased to attach for your consideration our comments in response to the CP’s proposals.
Although we support the proposal to promote wider options for customers and foster innovation in Hong Kong through the setting up of virtual banks, it is also equally important that virtual and conventional banks operate under equal footing.
We hope you will find our comments to be useful to your deliberations.
cc: Technology Risk Team, Banking Supervision Department, Hong Kong Monetary Authority
Response by Hong Kong General Chamber of Commerce (“HKGCC”) to the Consultation Paper by Hong Kong Monetary Authority (“HKMA”) on
“Guideline on Authorisation of Virtual Banks” (the “CP”)
HKGCC welcomes this opportunity to comment on the CP (since the CP is effectively the proposed new guideline, references to paragraphs in the CP refer also to paragraphs in the proposed new guideline). Our comments are as follows:
 CP para 6.
 CP para 6.
 CP para 9.
 CP paras 16-18.
 CP paras 9, 24.
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