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StanChart to apply for Hong Kong virtual banking license

Standard Chartered Bank became the first global bank to express its interest in applying for a virtual banking license in Hong Kong, Financial Times reported June 11, citing Samir Subberwal, the bank's regional head of retail banking for Greater China and North Asia.

The report came after Hong Kong announced in May details of virtual banking regulations and started accepting applications with a deadline of Aug. 31 for the first batch of applicants.

Unlike other jurisdictions, Hong Kong requires full retail banking licenses for virtual banks, which Standard Chartered Bank already has. Applying for a virtual banking license means Standard Chartered Bank wants to start a new business in the city, the publication reported, citing James Lloyd, the head of financial technology for EY in Asia-Pacific.

More than 50 companies have expressed their interest in applying for a purely online retail banking operations in Hong Kong, including online lender WeLab Holdings Ltd and payment platform Yedpay, according to South China Morning Post.

Standard Chartered Bank is a unit of Standard Chartered PLC.