This article examines how virtual banks in Hong Kong may discourage the use of banking services and create new forms of financial exclusion. The competitive edge of virtual banks is also lacking when conventional banks offer the same online services. This article suggests the role of technology...

Technology, particularly the combination of the internet and smartphones has changed just about every aspect of our lives, including the way virtual banks deliver new consumer choices. While the diverse background of virtual banking licensees has the potential to facilitate financial innovation...

Implicit in the promise of virtual banks is the mission of promoting financial inclusion in Hong Kong, through offering increased accessibility and brand-new customer experiences through the internet which are said to be easier, more personalised and customer-centered. Nevertheless, while...

The pilot-launch of Payment Arrangements for Property Transactions (PAPT) scheme means that banks will be able to play a more active role in effecting mortgage fund transfers to relevant institutions and parties, which previously were the responsibility of a solicitor. With authorised banks now...

Hong Kong Association of Banks, the DTC Association and the Hong Kong S.A.R. Licensed Money Lenders Association have been working on the provision of an alternative means of payments of funds under Payment Arrangements for Property Transactions, which aimed to enhance customer protection by...