The Hong Kong Monetary Authority recently granted eight licenses for the setting up virtual banks, which are expected to begin operating within six to nine months. While Hong Kong is gearing up for the arrival of virtual banks, digital banking services are already being offered on the Mainland, where the adoption of technologies such as blockchain, machine learning, artificial intelligence and cloud computing are making significant inroads.
At the forefront of China's fintech revolution is WeBank, the country's first online-only private bank backed by Tencent and other companies. WeBank's client base comprises mainly of underbanked individuals and SMEs, who enjoy a variety of convenient and high quality financial services delivered through a state-of-the-art technology platform.
The Chamber is pleased to have invited WeBank's Tyler Aveni, Head of International Partnerships, to speak on the effects virtual banks have had in reshaping the banking landscape and transforming customer experience on the Mainland. In particular, he will discuss:
- factors for WeBank's success on the Mainland,
- fundamental differences between virtual and traditional banking, and
- the latest open banking innovations and their real-life applications.