The Financial Leaders Forum chaired by Financial Secretary Paul Chan was briefed on the development of virtual banking in Hong Kong at its 10th meeting today.

Forum members noted that eight virtual banks were granted licences by the Monetary Authority in the first half of this year and the banks planned to launch their products and services in phases.

Noting that development of virtual banking in the city would accelerate fintech, improve the customer experience and promote financial inclusion, the members said the Monetary Authority will continue to facilitate its development while ensuring robust supervision.

The forum was also briefed on the development of Hong Kong as a premier fund hub. They were told the Government will sharpen the city’s competitive edge in asset and wealth management by diversifying Hong Kong's fund structures, attracting family offices, providing a facilitating tax environment and expanding the fund distribution network.

On ways of maintaining Hong Kong's financial stability, forum members noted that the Government and financial regulators have implemented a number of resilience measures and conducted stress tests to strengthen the capacity of the financial system in withstanding shocks.