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China’s biggest tech groups have won approval to launch digital banks in Hong Kong in a long-awaited assault on the financial sector that threatens local players such as HSBC and Standard Chartered and heralds future challenges in London and New York.
Hong Kong is emerging as a “proving ground”, said James Lloyd, head of fintech at consultants EY in Hong Kong. “It’s not hard to imagine that several of these players have local, regional and even global ambitions.” Traditional banks across Asia and the west have warned for several years that deep-pocketed technology companies were eyeing their turf — particularly in personal finance and payments — attracted by the prospect of valuable customer spending data.
https://www.ft.com/content/b5f48a50-7240-11e9-bf5c-6eeb837566c5
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