In order to fulfill the basic functions of our service, the user hereby agrees to allow Xiaomi to collect, process and use personal information which shall include but not be limited to written threads, pictures, comments, replies in the Mi Community, and relevant data types listed in Xiaomi's Private Policy. By selecting "Agree", you agree to Xiaomi's Private Policy and Content Policy .


[Xiaomi] Xiaomi Obtained Virtual Banking License in Hong Kong

2019-05-09 18:35:47
2111 9

The Hong Kong Monetary Authority (HKMA) announced today (9 May 2019) that the Monetary Authority has granted banking licenses under the Banking Ordinance to Ant SME Services (Hong Kong) Limited, Infinium Limited, Insight Fintech HK Limited and Ping An OneConnect Company Limited for them to operate in the form of a virtual bank. The granting of these banking licenses takes effect today. According to their business plans, these four newly licensed virtual banks intend to launch their services in around 6 to 9 months.

Mr Norman Chan, Chief Executive of the HKMA, said, “We are pleased to grant four more virtual banking licenses today. The HKMA is now working closely with the 8 virtual bank licensees to prepare for the launch of their business operations in accordance with their plans.”

“The launch of virtual banks in Hong Kong, which is a key component of the Smart Banking Initiatives, will certainly facilitate financial innovation, enhanced customer experience and financial inclusion,” he said.

Insight Fintech is a JV between Xiaomi, which holds 90 percent, and independent investment bank AMTD Group. “Our virtual bank will enable every user to enjoy the pleasure of using fintech,” said Hong Feng, Xiaomi’s co-founder and senior vice president in a statement.

The HKMA will closely monitor the operations of virtual banks after they have commenced business, including customers’ reactions to the new modes of delivery of financial services as well as the impact, if any, of these virtual banks on the banking sector in general. The HKMA expects to be able to conduct a comprehensive assessment of the situation about one year after the first virtual bank has launched its service.

After the granting of the above banking licences, the number of licensed banks in Hong Kong increases to 160.



Number of participants 1 Experience +20 Pack Reason

View Rating Log

2019-05-09 18:35:47
Favorites2 RateRate

Feedback Team

Sampath madurai | from Redmi Note 4


Great thanks for your information
2019-05-09 19:59:52

Wizard Bunny

iMKajal | from MI 8


Good News!
2019-05-09 20:12:21

Beta Team

georan. | from Redmi Note 5 Pro


thanks for information
2019-05-09 21:07:00

News Reporter

ᎮᏒᎥᏁፈᏋ | from Redmi Note 4X


great news thanks for the share
2019-05-09 21:13:50

Master Bunny

Tasos K | from Redmi 5 Plus


that's a major step
company is evolving...
2019-05-09 21:20:47

Grand Master Bunny

$huvo | from Redmi 4


That's... Great to hear
2019-05-11 01:26:24
Thanks for share this information

2019-05-13 16:59:28
Great thanks for your information
2019-05-14 00:23:59

Master Bunny

Erdinçer | from MI MAX 2


Good news thanks
2019-05-15 16:21:11
please sign in to reply.
Sign In Sign Up

Vincent Khoo

Super moderator

  • Followers


  • Threads


  • Replies


  • Points


3 Days Check-In
7 Days Check-In
21 Days Check-In
40 Days Check-In
100 Days Check-In
10k Mi Fans
Cast Away
20K Mi Fans
Mi Love U & I
Bunny Winner
Mi 9 & Mi 9 SE
Android Q
50K Mi Fans
Mobile Photography Lover
70K Mi Fans
Eid ul-Fitr Mubarak
Brain Teaser
Best Writer
100K Mi Fans
Happy July
Mi 9T
Global Fans
My Country My Pride
Mi 9 SE
Check in
MIUI 9th Birthday
Global Community
Global Community
device poll
games discuss
Puzzle Master
Mid-Autumn Festival
200K Mi Fans
400K Mi Fans
300K Mi Fans
500K Mi Fans
Best Photo
Stay at home & Play With Mi!
Ulang Tahun Xiaomi ke-10
Redmi Note 8 Series
200 Mil Mi Fans En México
Father's Day
10 years
Nepal "Happy New Year"
First Anniversary
Ringtone Medal
Music Medal

Read moreGet new

Mi Comm APP

Stay updated on Mi Products and MIUI

Copyright©2010-2020, All Rights Reserved
Quick Reply To Top Return to the list