UPDATE 1-Hong Kong digital banks launch faces delay due to protests - sources [Reuters (UK)]
BOC HK HLDGS LTD S/ADR (BHKLY)
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Source: Reuters
Hong Kong digital banks launch faces delay due to protests: sources - Reuters 4 Min Read HONG KONG (Reuters) - The launch of new online-only banks in Hong Kong is expected to be delayed in part due to anti-government protests in the city, people with direct knowledge of the matter said. Most of the eight newly licensed digital banks in Hong Kong, including joint ventures involving Standard Chartered and Bank of China Hong Kong, had aimed to begin operating before the end of 2019. But as protests stretch into a fourth month, the new banks, seen triggering the biggest shake-up to Hong Kong’s retail banking sector in years, will now launch early in 2020, the people told Reuters. A delay would be the latest sign of the damage being wrought on the Asian financial hub’s economy due to the political turmoil that erupted in June. Some of these so-called virtual banks had aimed to launch brand promotion campaigns as early as this month, but these plans have now been put off, the people said, o
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