Miguel Cordon · · 1 min readAnt Financial receives virtual bank license from Hong Kong authorities
Alibaba Group’s affiliate online payment service company Ant Financial has secured a virtual bank license from Hong Kong authorities, according to a statement.
Photo credit: Ant Financial
The largest fintech company in the world offers a full suite of products to offer digital financial services to individuals, as well as small and micro enterprises. Ant Financial also currently operates Alipay, a payment and lifestyle platform that currently serves over 1 billion users worldwide with its regional e-wallet partners.
Looking forward, the company said it plans to work with various sectors in Hong Kong to further spur the development of fintech and financial inclusion in the country.
To be eligible for a license, the country’s authorities require digital banks to have a minimum capital of roughly US$38.2 million.
In February, it was reported that the Hong Kong SAR Government and the Hong Kong Monetary Authority were gearing up to issue digital banking licenses to six Chinese tech firms, which included Ant Financial, internet and gaming group Tencent, smartphone maker Xiaomi, and online insurer Zhong An.
In March, Zhong An was given a virtual bank license, along with other financial institutions Livi VB and SC Digital Solution.
Editing by Dante Gagelonia
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