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Report: HSBC close to launching digital bank

U.K.-based HSBC Holdings PLC is close to launching a digital bank and has appointed more than 100 people to the project, The Daily Telegraph reported Sept. 2, citing a source close to the bank.

Known internally as Project Iceberg, the project is expected to focus on small business customers and may launch by the end of 2018 in testing mode

HSBC is reportedly in a race to to fend off competition from online rivals like Monzo Bank Ltd. and Starling Bank by building separate digital brands.