Standard Chartered has been granted a licence to head up a new fintech virtual bank in Hong Kong, they will have a joint venture with PCCW and IT company.
Online travel company, Ctrip Finance and telecoms giant HKT will build the stand-alone bank in Hong Kong. The consortiums customer base and Standard Chartered banking experience will be combined to form the new fintech company.
The Hong Kong Monetary Authority (HKMA) granted the licence on Wednesday for the new virtual bank, the consortium joint venture is called SC Digital Solution.
Mary Huen, chief executive of Standard Chartered Hong Kong, along with directors from the consortium will make up the board.
Huen said, “The strengths of our partners combined with our own rich banking expertise mean that we are in a strong position to provide diverse financial solutions to redefine the banking experience for customers in Hong Kong.”
SC Digital’s customers will be able to apply for financial services in “real-time” and can open accounts instantly.