Six virtual banks became corporate members thanks to the Hong Kong Institute of Bankers according to a press release issued two days ago that we have in our cryptocurrency news today.
According to the press release, the non-profit institution provides training and certification to the banking organizations in Hong Kong and the last banks the joined were the Airstar Bank Limited, Livi VB Limited, Fusion Bank Limited, Ping An OneConnect Bank and SC Digital Solutions Limited. Commenting on the news, Carrie Leung who is the CEO of HKIB said that the launch of six virtual banks marks a new era in the banking sector:
“The HKIB now boasts a member base with 103 Corporate Members and Corporate Affiliates, and over 6,000 Individual Members. With the exponential growth in the local Fintech sector, we believe that more virtual banks and Fintech companies will see the importance of joining our community in the years ahead.”
One of the goals of the HKIB is the promotion of fintech development in the Hong Kong area by providing training in the fields of cybersecurity and digital banking. This year, the HKIB aims to continue the promotion of talent exchange and launch industry initiatives to encourage professionals to participate in the fintech training programs among the other goals. In November, the Hong Kong Monetary Authority signed a memorandum of Understanding with the subsidiary of the People’s Bank of China and the deal was signed in order to create a proof of concept for a trade finance platform in 2019 by linking two projects currently in existence- the HKMA’s e-tradeConnect and the PBoC’s trade financial platform.
In the meantime, HKMA revealed it was conducting new research into applications for a central bank digital currency along with the Hong Kong Interbank Clearing LTD and three further banks as well as the R3 blockchain consortium. HKMA aims to release a huge report on its findings in the Q1 in 2020.
Hong Kong collaborates with Thailand for more efficient payment methods and crypto tokens along with the central banks which are filling that role. Both of the countries just announced a joint agreement to utilize the digital currencies in order to provide quicker payment in bilateral trade.
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