After the Hong Kong Monetary Authority issued new regulations, multiple Digital Banks are considering opening physical branches

Odaily Planet Daily News Hong Kong's eight Digital Banks are exploring the establishment of physical branches, including WeLab Bank, ZA Bank, and Mox Bank. Livi Bank, on the other hand, has no plans to open physical branches.

The Hong Kong Monetary Authority (HKMA) issued a new rule in October last year, allowing these banks to open physical branches within a limited scope and replacing the term virtual banks with licensed Digital Bank to enhance public confidence in these companies. "Given the industry feedback, the HKMA believes that providing Digital Bank with limited flexibility to conduct business through non-electronic channels will help improve its transaction process and enhance customer experience," an HKMA spokesman said. "The HKMA will carefully assess its reasons and basis when processing Digital Bank's application to establish a physical branch." (South China Morning Post)