In brief: Hong Kong to issue digital banking licenses to Chinese firms

• Hong Kong authorities are preparing to issue digital banking licenses to six Chinese tech companies, including internet and gaming group Tencent, digital payment service provider Ant Financial, smartphone maker Xiaomi, and online insurer ZhongAn.
• The new initiative will give users access to a broader range of digital banking products and services, as well as more control over their own data.
• Digital banks will need to have a minimum capital of HK$300 million (US$38.2 million) to be eligible for the license.

Source: Financial Times

Currency converted from Hong Kong dollars. Rate: US$1 = HK$7.85