Bank for International Settlements selects Bank of England as UK centre to host new fintech hub.
By Stuart Davis, Brett Carr, and Sam Maxson
On 30 June 2020, the Bank of England announced that it had been selected to host a centre of the Bank for International Settlements’ Innovation Hub. The UK centre will support the global central banking and finance community through the development of digital public goods.
The HKMA has issued three virtual banking licenses as part of its broader initiatives to develop the local banking industry.
By Simon Hawkins and Kenneth Hui
The Hong Kong Monetary Authority (HKMA) recently announced the issuance of the first virtual banking licenses to three entities.
Virtual banks in Hong Kong are banks that primarily deliver retail banking services through the internet or other electronic channels, instead of through physical branches.
The HKMA previously issued a press release on 7 December 2018 announcing that there had been around 30 virtual banking applications as of the end of August 2018, and the HKMA had shortlisted a third of the applications for the next stage of assessment.