{"id":13488,"date":"2019-08-19T21:18:29","date_gmt":"2019-08-19T21:18:29","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=13488"},"modified":"2019-08-19T21:18:29","modified_gmt":"2019-08-19T21:18:29","slug":"hong-kong-facilitating-bigtech-s-push-into-banking","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/hong-kong-facilitating-bigtech-s-push-into-banking\/","title":{"rendered":"Hong Kong facilitating BigTech\u2019s push into banking"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">So far this year, Hong Kong&#8217;s Monetary Authority (HKMA) has issued virtual banking licenses 8 different groups, including BigTechs, as part of an initiative to promote financial innovation, enhance consumer experiences and increase financial inclusion. The entrance of BigTechs into the financial sector is expected to push established financial institutions into greater innovation, especially as nearly one third of consumers indicated their desire to explore BigTech financial products and services. At the same time, some are worried that the entrance of BigTechs into the financial sector could also push established financial institutions into assuming greater risk, while others are worried that giving BigTechs access to so much data could lead to them having a data monopoly that eventually harms consumers. Good or bad, BigTechs have begun their march into Hong Kong\u2019s financial space, and the end results should show us a lot about how the financial sector will look in the not-too-distant future.<\/span><\/p>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-13488 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='Alternative lending startups changing traditional lending in India'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/alternative-lending-startups-changing-traditional-lending-in-india\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/05\/pexels-photo-602607-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-9884\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-9884'>\n\t\t\t\tAlternative lending startups changing traditional lending in India\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Citi opens API for Russian financial companies'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/citi-opens-api-for-russian-financial-companies\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/02\/\u041c\u043e\u043d\u0442\u0430\u0436\u043d\u0430\u044f-\u043e\u0431\u043b\u0430\u0441\u0442\u044c-1-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-8564\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-8564'>\n\t\t\t\tCiti opens API for Russian financial companies\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Digitizing Russia\u2019s data for better public services'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/digitizing-russia-s-data-for-better-public-services\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/10\/digitizing-russia-s-data-for-better-public-services-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-13891\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-13891'>\n\t\t\t\tDigitizing Russia\u2019s data for better public services\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>So far this year, Hong Kong&#8217;s Monetary Authority (HKMA) has issued virtual banking licenses 8 different groups, including BigTechs, as part of an initiative to promote financial innovation, enhance consumer experiences and increase financial inclusion. The entrance of BigTechs into the financial sector is expected to push established financial institutions into greater innovation, especially as &hellip;<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,443],"tags":[449,197,75],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/13488"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=13488"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/13488\/revisions"}],"predecessor-version":[{"id":13489,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/13488\/revisions\/13489"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=13488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=13488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=13488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}