Hong Kong Monetary Authority Proposes Renaming Virtual Banks to Digital Banks

According to Odaily, the Hong Kong Monetary Authority (HKMA) announced today its intention to rename virtual banks as digital banks. The HKMA clarified that the term 'digital banks' is chosen to distinguish these institutions from traditional banks' existing 'digital banking services.' The new name emphasizes the operational model and the application of financial technology used by these banks, rather than their storage format. Additionally, the HKMA stated that renaming virtual banks to digital banks does not imply that only these banks can offer digital banking services in Hong Kong.