Hong Kong Opens Banking Market to Tech Giants

Hong Kong authorities are planning to issue digital banking licenses to Tencent, Ant Financial and Xiaomi; Goldman Sachs estimates there is more than $15bn in revenue opportunity for the tech giants; “Hong Kong is dominated by the top three or four banks and some of them are just complacent,” said Isabel Wendleken, from consultancy Capco Digital in Hong Kong, to the FT; only 53 percent of people in Hong Kong were satisfied with their banking services last year, showing potential of new firms coming in to take market share. Source.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.