PRESS COVERAGE
  • Malaysia forum: Smaller countries may suffer if US-China tensions persist Free trade is the basis for the world economy and shared prosperity is in the interest of all, according to speakers at a forum in Malaysia last week. Asia can play an increasingly important role by coming together for sustainable development that helps solve man-made geopolitical and geoeconomic problems. "In this highly globalized world, we believe that free as well as fair trade must be the touchstone in all international commercial and trade dealings," said Mohamed Azmin Ali, Malaysia's minister of economic affairs at an awards ceremony of the Asia Economic and Entrepreneurship Summit in Kuala Lumpur. He said that amid the trade tension between China and the United States, the world's two largest economies, smaller economies including Malaysia can expect to suffer consequences. Mohd Hatta Ramli, Malaysia's deputy minister of entrepreneur development, said: "The global trade and tech wars do not benefit anyone or any country and we will all lose, … we should look at win-win outcomes." Organized jointly by Kingsley Strategic Institute and the Pacific Basin Economic Council, the event brought together government leaders, entrepreneurs, academic researchers and experts from thinks tanks and civil society organizations to discuss and debate the theme, The Future of Asia in a New Era of Disruption and Trade Wars. China Daily was a media partner of the event. "The world now faces several geopolitical and geoeconomic threats, but I guess all the problems are created by men ourselves, so there should be solutions," Hatta told the audience on Thursday. "We should create a society, a country and a region that are safe for shared prosperity." Citing an HSBC report that Asian countries like China, India, Japan and the Republic of Korea will be among the world's top 10 biggest economies by 2030, Hatta said Asia is full of economic potential due to its large number of young people and the rapid development of digitalization. Globalization is the right way going forward, and Asia's future will need cooperation and partnership, said Su Ge, chair of the China National Committee for Pacific Economic Cooperation. "Trade wars serve nobody's interest,… cooperation is the only correct way for Sino-American trade-and it will be good for the two countries, to Asia, and in a sense, good to the world," said Su, also former president of the China Institute of International Studies. Noting President Xi Jinping's visit to the Democratic People's Republic of Korea on June 20-21 ahead of the G20 Osaka summit, Su said China is committed to regional stability through peace and negotiation. Speaking of the China-led Belt and Road Initiative, Su said it is about generating more cooperation in the region for mutual benefit. Minister Azmin Ali called for cooperation among ASEAN member states and under international initiatives like the Belt and Road Initiative, or the BRI. This view was echoed by Goh Peng Ooi, group executive chairman of Malaysian software company Silverlake Group, who said trade is what ties the world together. "Conflicts usually won't last long. … We have different systems, values, cultures, but one thing is that we all live economic lives-that is the thing that ties us together and that is why trade can tie us all together," said Goh. Cultivating the right attitude in society is also important for making use of connectivity, said Oh Ei Sun, senior fellow with the Singapore Institute of International Affairs. Noting that China has invested greatly in high-speed rail infrastructure, Oh said one of the main reasons for the country's rapid growth is its people's attitude of entrepreneurship. "China continues to be very eager to link up a large part of Asia," he said, referring to increasing investment under the BRI. "In a country like Malaysia, we do need more railway systems," said Oh. "Under BRI, China could indeed assist us both financially and technically to build such networks," said Oh. "We also welcome more Chinese investment in ports." The BRI can also help bridge development gaps among nations. "Asia is facing digital disruption and technological transformation on a scale that perhaps has never been seen before in the region," said Michael Yeoh, organizing chairman and president of Kingsley Strategic Institute. "However, while some parts of Asia are undergoing the fourth industrial revolution, some regions have not even seen the second industrial revolution." To bridge the huge development gap, Yeoh said it is important to emphasize and prioritize sustainable development, by resolving issues such as income, inequality, investment, innovation and infrastructure. While the advancement of digital technology can be part of future solutions addressing global and regional issues, Michael Walsh, chief executive of the Pacific Basin Economic Council, said it is also important to pay heed to the growing potential negative side effects. These include personal and corporate reputational risk, health issues, cyberbullying, and threats to intellectual property rights.
    2019-06-24
  • Asia is one of the most vulnerable regions to climate change and governments need to put more emphasis on developing a green economy in order to move toward sustainable development. This was an underlying theme at a China Daily Asia Leadership Roundtable titled Envisioning and Promoting the Green Economy: Towards a Sustainable and Transformative Asia, held in Kuala Lumpur, Malaysia, on Thursday. “Asia is home to more than half of the world’s population but much less than half of its natural resources. Asia is also the fastest-growing source of new greenhouse gas emissions,” said Alexandra Boakes Tracy, president of Hong Kong-based Hoi Ping Ventures, noting the need for the region to adopt cleaner and more efficient modes of development for lasting economic progress. She said the transition toward a green economy is clearly on the way, as governments across the world are trying to adopt policies that foster green growth and align economic strategies with a need to respond to problems like climate change and constraints on water and other resources. The roundtable was held during the Asia Economic and Entrepreneurship Summit, which was organized jointly by Kingsley Strategic Institute and the Pacific Basin Economic Council. The summit brought together government leaders, entrepreneurs, academic researchers and experts from thinks tanks and civil society organizations to discuss and debate the future of Asia in a new era of disruption and trade conflicts. Tracy said the efforts made by the region are already transforming the financial market and creating huge demand for green technology and sustainable development. But Asia needs to invest more to tackle climate change, she said, as current spending is still much less than what is needed. The Asian Development Bank forecasts that Asia, to keep pace with climate change and economic growth, needs to invest US$1.7 trillion a year in infrastructure until 2030, with 16 percent of those funds required for climate adaptation and mitigation measures. Mitigation costs alone will amount to US$200 billion annually. Asia has significant resources for a sustainable green economy, said R. Puvaneswari, CEO of MYBiomass, a unit of the Malaysian Industry-Government Group for High Technology. Compared with an estimated 423 million tons of biomass available in the United States, Southeast Asia has 230 million tons of biomass, while China has 300 million tons of crop straw wastes and 300 million tons of forestry wastes, said Puvaneswari, noting Asia’s huge potential for developing the sustainable carbon resource that is able to replace petrochemical resources and generate abundant derivative products. No matter how natural resources, technologies or capital can be used for development, the key is that none of these investments end up creating conflicts among people, but rather unity and social cohesion, said Denison Jayasooria, chairman of the Asian Solidarity Economy Council. He said people should be at the center of green economy. Citing findings from a report by the United Nations Economic and Social Commission for Asia and the Pacific, Jayasooria said the unequal distribution of wealth and resources remains a serious issue in the region. Besides the existence of poverty itself, examples include inefficient use of fuel for cooking. While companies in Asia need to adapt to green development, innovative technology, social protection measures and the UN’s Sustainable Development Goals, Jayasooria said they also must be human-rights friendly, making sure that their businesses are operating in a sustainable way and adding value to society. Social enterprises can be game-changers in addressing sustainability globally, said Yasmin Rasyid, program director of Social Entrepreneurship (MasSIVE) at the Malaysian Global Innovation and Creativity Centre (MaGIC), a government-backed entrepreneur hub. MaGIC now has a public online platform where companies in Malaysia can check if they meet the standard and requirements to be listed online as a social enterprise. “The Malaysian government has strong faith that changing social entrepreneurship is critical,” Rasyid said. “This is not just about doing good to people, but about making companies adopt a more social and environmentally driven model, and how we can create a future where entrepreneurs are more conscious about what their business is to the society and environment.” Different countries in Asia have been implementing various measures to promote green finance, such as China’s goal of establishing a green financial system, Malaysia’s Green Technology Master Plan, and Bangladesh’s financial support for environmental and social businesses. But Tracy from Hoi Ping Ventures said the engagement of the private sector and the contribution of millennials, who are willing to put more money into sustainable investment, should be better recognized. “This will help establish a template which other people can follow, showing to the market that this can work and people can make money from it,” said Tracy, noting there are many financial institutions investing proactively to be greener and launching new products to meet the increasing demand. Moderator for the session was Mohamed Iqbal Rawther, group deputy chairman of property development company Farlim Group (Malaysia).
    2019-06-21
  • With Asia playing an increasingly important role in the global economy, the region’s countries are being urged to work together for robust and sustainable future growth. “The world now faces several geopolitical and geo-economic threats, but I guess all the problems are created by men ourselves, so there should be solutions,” said Mohd Hatta Ramli, Malaysia’s deputy minister of entrepreneur development. “We should create a society, a country and a region that is safe for shared prosperity.” Citing an HSBC report that Asian countries like China, India, Japan and the Republic of Korea will be among the world’s top 10 biggest economies by 2030, Hatta said Asia is full of economic potential due to its large number of young people and the rapid development of digitalization. “The global trade and tech wars do not benefit anyone or any country and we will all lose … we should look at win-win outcomes,” he said. Hatta was speaking at the Asia Economic and Entrepreneurship Summit in Kuala Lumpur, Malaysia, on Thursday. Organized jointly by Kingsley Strategic Institute and the Pacific Basin Economic Council, with the support of China Daily, the event brought together government leaders, entrepreneurs, academic researchers and experts from thinks tanks and civil society organizations to discuss and debate the theme The Future of Asia in a New Era of Disruption and Trade Wars. “Malaysia is trying to position entrepreneurship as a lead contributor to GDP by 2030,” said Hatta. He noted that small and medium-sized enterprises account for over 37 percent of GDP at present, seen growing to more than 50 percent by 2020. A national entrepreneurship policy is expected to be launched by Malaysian Prime Minister Mahathir Mohamad on July 11, according to Hatta, who believes the new policy will be conducive to promoting innovation and creating more opportunities for youth. “Asia is facing digital disruption and technological transformation on a scale that perhaps has never been seen before in the region,” said Michael Yeoh, organizing chairman and president of Kingsley Strategic Institute. “However, while some parts of Asia are undergoing the fourth industrial revolution, some regions have not even seen the second industrial revolution.” To bridge the huge development gap, Yeoh said it is important to emphasize and prioritize sustainable development, by resolving issues such as income, inequality, investment, innovation and infrastructure. While the advancement of digital technology can be part of future solutions addressing global and regional issues, Michael Walsh, chief executive of the Pacific Basin Economic Council, said it is also important to pay heed to the growing potential negative side effects. These include personal and corporate reputational risk, health issues, cyberbullying, and threats to intellectual property rights. “The four ‘E’s will have a big impact on Asia’s future growth – economy, environment, employment and energy,” said Walsh. Globalization is the right way going forward, and Asia’s future will need cooperation and partnership, said Su Ge, chair of the China National Committee for Pacific Economic Cooperation. “Trade wars serve nobody’s interest … cooperation is the only correct way for Sino-American trade – and it will be good for the two countries, to Asia, and in a sense, good to the world,” said Su, also former president of the China Institute of International Studies. Noting Chinese President Xi Jinping’s visit to the Democratic People’s Republic of Korea on June 20-21 ahead of attending the G20 Osaka summit, Su said China is committed to regional stability through peace and negotiation. Su said it is necessary for Asian countries to jointly take regional integration to a higher level, including promoting negotiations on the Regional Comprehensive Economic Partnership multilateral free trade pact. Speaking of the China-led Belt and Road Initiative, Su said it is not just about China helping others, but also about generating more cooperation in the region for mutual benefit. This view was echoed by Goh Peng Ooi, group executive chairman of Malaysian software company Silverlake Group, saying trade is what ties the world together. “Conflicts usually won’t last long … We have different systems, values, cultures, but one thing is that we all live economic lives – that is the thing that ties us together and that is why trade can tie us all together,” said Goh. For a small country like Brunei, improving infrastructure and enhancing connectivity is key for future development, as it can allow the country to export and transport its goods to more countries more cheaply, said Shazali Sulaiman, partner at consultancy KPMG Brunei. The Association of Southeast Asian Nations’ ASEAN Economic Community was formally established in 2015 to promote regional economic integration and improve competitiveness, but Sulaiman said there are still many challenges ahead to connect the member states. For example, visa-free travel in ASEAN countries for people who live in the region has not been fully realized yet, Sulaiman said, adding that tourism connectivity is important for regional economic connectivity and development. ASEAN is a regional bloc comprising 10 Southeast Asian nations – Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Cambodia, Laos, Myanmar and Vietnam. Cultivating the right attitude in society is also important to making use of connectivity, said Oh Ei Sun, senior fellow with the Singapore Institute of International Affairs. Noting that China has invested greatly in high-speed rail infrastructure, Oh said one of the main reasons for the country’s rapid growth is its people’s attitude of entrepreneurship. “China continues to be very eager to link up a large part of Asia,” he said, referring to increasing investment under the BRI. “In a country like Malaysia, we do need more railway systems,” said Oh. Though China and Malaysia agreed to proceed with the East Coast Rail Link, he said more railway networks need to be built within the country, as well as linking it with Singapore to meet the high demand of cross-border travel. “Under BRI, China could indeed assist us both financially and technically to build such networks,” said Oh. “We also welcome more Chinese investment in ports.” Asia needs to adopt a cleaner and more efficient development mode for sustainable economic development, said Alexandra Boakes Tracy, president of Hong Kong-based Hoi Ping Ventures. She was speaking at a China Daily Asia Leadership Roundtable panel session themed Envisioning and Promoting the Green Economy: Towards a Sustainable and Transformative Asia. “Asia is home to more than half of the world’s population but much less than half of its natural resources. Asia is also the fastest-growing source of new greenhouse gas emissions,” said Tracy, adding that regional financial institutions are already investing proactively in green finance. A ceremony was held alongside the summit to present the Asia Business Leadership Excellence Awards and Lifetime Achievement Awards to recognize the efforts of entrepreneurs from around Asia. Mohamed Azmin Ali, Malaysia’s minister of economic affairs, said amid the trade conflict between China and the US, the world’s two largest economies, smaller economies including Malaysia can be expected to suffer consequences. “In this highly globalized world, we believe that free as well as fair trade must be the touchstone in all international commercial and trade dealings,” said Azmin, who called for cooperation among ASEAN member states and under international initiatives like the BRI. “While the BRI will help bridge the connectivity gap in the region, even more importantly it will open doors to the great expansion of global trade, enabling economies in the region to mutually grow and prosper,” said Azmin.
    2019-06-21
  • Riding high on the undertakings and goals of making Hong Kong a world-leading fintech center, the sheer power of government support should come into focus and be valued, says former secretary for financial services and the treasury Ceajer Chan Ka-keung. Chan, who joined local online lender WeLab as a senior adviser last year after stepping down from the government post he had held for a decade in 2017, said government support is crucial when there’s no market solution to the problems on the horizon. “Unlike other sectors, the financial services industry — one of the key pillars of Hong Kong’s economy — is all about infrastructure and regulation. This calls for government support and a market force working hand in hand,” he told China Daily on the sidelines of the two-day Internet Economy Summit in Hong Kong on Tuesday. Indicative of its determination to sharpen its edge as a go-to destination for promising global fintech companies, Hong Kong has rolled out a series of bold moves, including the introduction of the Faster Payment System (FPS) and virtual banks. WeLab Digital — a unit of the home-grown fintech unicorn WeLab — secured the fourth virtual banking license granted by the Hong Kong Monetary Authority last week, and will be chaired by Chan. Citing the FPS as “a wonderful example of how much government can do to change the technological landscape and enable innovation development in the market”, Chan said the market’s invisible hand is not the panacea for all the problems. In a local payment market where there’s no dominant player, it’s scarcely impossible for different market players to reach a consensus. This is a frontier that government support could offer a magic wand. “Clearly, government support is not a silver bullet for all the problems either. But, the HKMA — the city’s de facto central bank — has identified one of the difficulties in e-wallets gaining popularity in Hong Kong — people have no easy access to getting the payment and transfers done.” “Instead of just sitting there and waiting for the market to come into play, which would never happen, the HKMA decided to start and build the fundamental infrastructure in a proactive manner,” Chan said. Unswerving government support will pave the way for a prosperous home-grown market, which matters a lot in bolstering the SAR’s vision of leading the pack in fintech development. When it comes to placing Hong Kong’s fintech ambitions in a bigger context of the Guangdong-Hong Kong-Macao Greater Bay Area, the importance of government support cannot be over-exaggerated, Chan reckoned. “Hailed as one of the most significant national development strategies, the Bay Area is an economically vibrant region in the world’s second-largest economy. Hong Kong is very much part of it,” he said. As the nation charts the course of gradually opening up its gargantuan US$42-trillion financial sector, Chan said the key factor here is the national financial policy which defines how much financial services flow as seen from the Bay Area. He believed financial technology itself is a prerequisite for the Bay Area’s finance. “Without fintech, we could barely talk about Bay Area finance. But one condition is far from enough. We need more conditions. This points to the national policy and government support, which “will set the stage for the further opening-up of the nation’s financial market.”
    2019-04-16
  • Hong Kong’s first batch of virtual banks have made it a point to emphasize customer-centricity — a stance that’s likely to mark the start of their campaign to woo the public. “We want to be a challenger and provide better customer services. We do so by imbedding our tech DNA into innovative customer experience,” Ceajer Chan Ka-keung — senior advisor to online lending platform WeLab — told a panel discussion themed “Virtual Banking Shaking Up Fintech Landscape” organized in partnership with China Daily on Tuesday. The forum was held in conjunction with the two-day Internet Economy Summit, at which representatives of the four virtual banks that have been granted licenses by the Hong Kong Monetary Authority so far would be keen to shine the spotlight on consumer experience. Chan said the customer experience has to be “instant, intelligent and interactive” — features he hopes will be used as a model for existing products and services that energize the ecosystem. WeLab became the fourth company to win a virtual bank license in Hong Kong from the city’s de facto central bank last week, and the first stand-alone enterprise to have been issued one. The other three licenses were awarded last month to joint ventures involving Bank of China (Hong Kong), Standard Chartered Bank and online insurer ZhongAn Online. Ken Lo — founding member of ZhongAn International — voiced similar sentiments about customer experience. “We want to leverage technology to empower the customer experience and bring the best to Hong Kong. About 80 percent of our team consists of local talent who know the market,” he said. Besides manpower, Lo said the company is looking to customers to help build its virtual bank. “Our engagement model is to build the bank with our customers. We would like to engage them to give feedback and for the new operative model in Hong Kong to be community driven,” he said. So far, ZhongAn has only launched a website allowing potential customers to sign up for a newsletter. Virtual banks are brand new in Hong Kong, but discussions about the factors for their success abound. Panel moderator Nelson Chow — chief fintech officer for the HKMA’s fintech facilitation office — asked the panelists about their views on what virtual banks need to succeed. “What’s needed to be successful bank? First and foremost, trust is needed,” said Samir Subberwal, managing director and regional head of retail banking, Greater China and North Asia, at Standard Chartered Bank (Hong Kong). He acknowledged that Standard Chartered has the advantage of 160 years of “trust” behind it. “Next is scale. We rely on our partners, like PCCW, for that. The question now is how to deliver financial services. We need to imbed our services into the daily digital life of consumers. Our partners have excellent telecommunication, entertainment networks and ecosystem,” Subberwal added. Standard Chartered Bank (Hong Kong) is working with telecommunications companies PCCW and HKT, and Chinese mainland online travel service provider Ctrip in its virtual bank joint venture — SC Digital. The diverse mix could make it possible for SC Digital to rapidly scale up. Subberwal believes that the team and culture cultivated at virtual banks are important factors. Michael Wang — head of Bank of China’s virtual bank working team — believes it also has a lot to do with timing. “Everyone has a stake in this, and timing is key, especially when the acceptance rate of new technology is growing fast. For Hong Kong, it’s the right time,” he said. Chan reckoned that trust and engagement are the major ingredients. “We need to ensure that cyber security standards are met first to ensure there’s trust from the customers,” said Chan. “All banks, not just the virtual ones, have to be vigilant about it.” Engagement, he added, also requires education. “A lot of customers also don’t understand financial services. So, how do we make intelligent solutions and use tech to serve them better?” Lo concurred, suggesting that virtual banks should use a different approach in measuring their performance and direction. “Traditional banks use benchmarking analysis to gauge. We should look into the people living in Hong Kong and see what they want, then leverage technology to provide that,” he said, adding that it’s important for virtual banks to join forces and educate the public. People, he said, are ultimately the ones who’ll be making adaptions in the financial ecosystem. This encompasses not just the public, but those working in virtual banks too. “We have people coming from the traditional banks and startups. If people decide to be the changers, virtual banks provide a platform for Hong Kong talents to make it a better place,” said Lo. He sees working closely with regulators to make sure the systems are resilient and secured. He believes combining that with the right services will see high adoption rates. “Hong Kong consumers are clever and will shift. We’ve seen they’ll try new platforms, be it retail, logistics, they will try,” he said. As the new kid on the block, virtual banks have a lot to assure the public, especially of the security which is much concerned — a topic that the panelists returned to during the discussion. “As newcomers, we need to work harder in setting up procedures to ensure compliance and security measures are met,” Chan said. He felt that virtual banks can essentially be considered regulated sandboxes, but secure ones. Subberwal adopted a ground-up approach to building SC Digital’s ecosystem. “We use the latest and best tech available. A lot of virtual banking will be based on cloud technology, and we’ve built ours from scratch by working with the best providers. That way, we’ll be able to architect data to be protected from cyber security risks,” he said. Other panelists noted that the traditional banks, not just virtual banks, need to be aware of cybersecurity risks and trends too. As moderator, Chow asked the panelists what they expect the virtual bank landscape to be like in five years. “Five years will transform a lot, just look at the mobile payment landscape alone. Banking will see a lot more collaborations and developments in the ecosystem for the ultimate benefit of customers,” Lo replied. “As virtual banks propel Hong Kong into a new era of fintech, we need to learn how to work with traditional banks and startups. I don’t think Hong Kong has been lagging behind, but we need to take things forward and provide world-class services.” Chan believes that in the next five years, both traditional and virtual banks will know their customers better. “There would be different products and interesting offerings to different products to serve lifestyle and finance needs,” he predicted. Although he doesn’t foresee substantial changes in Hong Kong, Chan expects more engagement between banks and small and medium-sized enterprises, particularly in blockchain solutions. And, the Guangdong-Hong Kong-Macao Greater Bay Area is a particularly interesting prospect. “Fintech in Hong Kong can serve a bigger base of customers. Concepts tested and proven here can bring a lot of opportunities beyond Hong Kong,” Chan said. But, its development has to be in line with policies, which are still evolving, he added. At the end of the panel discussion, members of the audience joined a live poll on how many virtual bank accounts they would open with the four existing players. Although “two” was the top pick, 13 percent of them still chose “none”. Based on the poll results, Chow said virtual banks have their work cut out for them to get the general public on board.
    2019-04-16
  • ZhongAn Virtual Finance — one of the first three financial institutions to have been granted a virtual banking license in Hong Kong last month — is struggling to improve customer experience in the SAR through online and offline client engagement as part of its preparations to begin operations. Ken Lo — founding member of ZhongAn International — told China Daily after the Internet Economy Summit on Tuesday the company’s maturity and its firm determination to invest in the industry had played a big part in winning the license from the Hong Kong Monetary Authority — the city’s de facto central bank. “Our unique advantage turns out to be our operation model — co-creation with our clients — that can be seen in our slogan ‘Be different together’,” he said. “We’ll communicate with our clients closely, both online and offline, ahead of the official launch of our products and services to enable us to know more about their demands and the pain points.” ZhongAn Online P&C Insurance — the parent company of ZhongAn International — will take a controlling 51-percent stake in the virtual banking arm. The parent company, which was set up about six years ago, is the first Chinese mainland financial institution to put its core system into the cloud system, enabling it to gain richer experience in cyber-security, data protection and information safety, Lo said. According to the HKMA, the newly licensed virtual banks intend to start operations within six to nine months. “We hope to officially launch our products and services within this period,” said Lo. “Thus, we’re working on the system building and testing processes for front-end and back-end as part of our preparations, hoping to meet the regulatory requirements once our system is rolled out.” Apart from ZhongAn, the HKMA had granted two virtual banking licenses last month to companies that have teamed up with traditional banks Standard Chartered and Bank of China (BOC) Hong Kong Holding, including fintech companies from the Chinese mainland, such as JD Digits and Ctrip Finance. Last week, online lending platform WeLab won the fourth such license so far. HKMA said good progress is being made in processing the remaining five applications for virtual banking licenses, including those from Tencent’s Tenpay, Alibaba affiliate Ant Financial, smartphone maker Xiaomi and Ping An Insurance. “From ZhongAn’s perspective, we’re very open minded and I believe the banking sector’s future lies in the co-existence of both virtual banks and traditional banks, as every player within this landscape has its own merits,” Lo said. Hong Kong’s banking industry, he noted, is seeing stable growth each year, reflecting continued demand from customers. Thus, he believes, the sector’s future is not a zero-sum game, but a struggling business that places its priority on customers. Leveraging the development of the Guangdong-Hong Kong-Macao Greater Bay Area, which projects Hong Kong as a leading international innovation and technology hub, virtual banks could explore more opportunities, based on the region’s larger customer base that could, ultimately, help Hong Kong attain this status, Lo added.
    2019-04-16
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