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Standard Chartered is to set up a digital banking operation in Hong Kong.
The bank is seeking to take advantage of new rules by the Hong Kong Monetary Authority on the granting of virtual banking licences for both traditional and non-banks in the territory. HKMA says about 50 companies have so far expressed an interest in the endeavour, designed to promote competition with incumbent banks.
Standard Chartered’s move is intended to face off competition from new players and attract the millennial segment
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