Hong Kong Will Be a Battle Ground for Virtual Banking, Says EY’s Lloyd

The video discusses the emergence of digital banking in Hong Kong, highlighting the entry of new virtual banks and the competitive landscape they create. It compares Hong Kong's market with the UK, noting the strong backing of new banks in Hong Kong. Challenges for traditional banks are explored, particularly in terms of customer experience and digital innovation. The video also examines the broader implications for Hong Kong's status as a global financial hub, with initiatives like open banking and immediate payment platforms driving innovation.

What potential impact could the rise of virtual banks have on Hong Kong's status as a global financial services hub?

In what ways has the HKMA contributed to financial services innovation in Hong Kong?