Hong Kong to Rename Virtual Banks As Licensed Digital Banks

Hong Kong to Rename Virtual Banks As Licensed Digital Banks

The Hong Kong Monetary Authority (HKMA) plans to rename "Virtual Banks" to "Licensed Digital Banks" to eliminate public misconceptions about the term "virtual" and enhance trust. This move aims to further promote the development of digital banking in Hong Kong and align with international trends. Currently, digital banks in Hong Kong have 2.2 million customers and deposits of HK$37 billion. The rebranding reflects the growing maturity and acceptance of digital banking services in the region, signaling a commitment to innovation and financial inclusion.

02/12/2026 International Settlement
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Digital Banks Transform Financial Services Industry

Digital Banks Transform Financial Services Industry

Digital banking offers convenient, efficient, and personalized online financial services 24/7 through complete digitalization. It encompasses the digital transformation of traditional banks, pure online banks, and banking services offered by technology companies. Choosing digital banking means opting for a smarter financial lifestyle. It provides seamless access to banking functionalities, enhanced user experience, and data-driven insights for better financial decisions.

02/12/2026 International Settlement
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Ibans Role in So Tom and Prncipes Banking System

Ibans Role in So Tom and Prncipes Banking System

This article analyzes the composition of the International Bank Account Number (IBAN) in São Tomé and Príncipe, including the country code, check digits, and Basic Bank Account Number (BBAN). It emphasizes the significance of IBAN in international remittances and highlights important considerations for its use.

08/18/2025 International Settlement
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