All about digital banks

The term “digital bank” refers to a bank which delivers banking services exclusively or primarily through the internet or other forms of electronic channels.​

Fintech is a prevailing development trend in the financial sector. Following the launch of stored value facilities (more commonly known as electronic wallets) and Faster Payment System (FPS), the Hong Kong Monetary Authority issued 8 virtual bank licenses in 2019 and subsequent renamed virtual banks to digital banks in November 2024 to promote financial inclusion and facilitate fintech development and innovation in Hong Kong, thus providing consumers with more choices in banking services and  customer experience.