{"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='VTB24 bank is going paperless'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/vtb24-bank-is-going-paperless\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2017\/04\/VTB-24-3-1-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-3693\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-3693'>\n\t\t\t\tVTB24 bank is going paperless\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Denmark to use a cryptocurrency to help developing countries'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/denmark-to-use-a-cryptocurrency-to-help-developing-countries\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/09\/denmark-to-use-a-cryptocurrency-to-help-developing-countries-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-10826\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-10826'>\n\t\t\t\tDenmark to use a cryptocurrency to help developing countries\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='10 data science considerations for financial institutions'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/10-data-science-considerations-for-financial-institutions\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/11\/10-data-science-considerations-for-financial-institutions-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-14070\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-14070'>\n\t\t\t\t10 data science considerations for financial institutions\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}]}}