Hong Kong - HKMA consults on amendments to the “Guideline on Authorization of Virtual Banks” - what do you need to know about setting up a virtual bank?

On 6 February 2018, the Hong Kong Monetary Authority ("HKMA") launched a one-month Public Consultation on "Guideline on Authorization of Virtual Banks" (the "Consultation") on proposals to amend the Guideline on Authorization of Virtual Banks, originally issued by the HKMA in 2000 (the "2000 Guideline").

The Consultation proposes amended text to replace the 2000 Guideline. The deadline for submitting comments to the HKMA is 15 March 2018.