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Report: Hong Kong's launch of virtual banks could be delayed amid protests

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Report: Hong Kong's launch of virtual banks could be delayed amid protests

Hong Kong's full launch of virtual banks could be delayed to early 2020 amid ongoing anti-government protests as well as other factors, Reuters reported Sept. 17, citing unnamed sources with direct knowledge of the matter.

Most of the eight banks were looking to start their services in late 2019, the news outlet reported, adding that some were planing to start brand promotion campaigns in September. The newly licensed banks are backed by joint ventures involving Standard Chartered PLC, BOC Hong Kong (Holdings) Ltd., ZhongAn Online P & C Insurance Co. Ltd., Xiaomi Corp., Tencent Holdings Ltd. and Ant Financial Services Group.

In addition, time required to build technology infrastructure, compliance and customer acquisition processes and staff hiring are also responsible for the delay, the sources told Reuters. They said a couple of the banks could conduct a soft launch in 2019.