According to BlockBeats, on August 6, the Hong Kong Monetary Authority (HKMA) released a review report on virtual banks. The review indicates that the development of virtual banks has successfully achieved the three policy objectives set for their introduction in Hong Kong. Additionally, the technology-driven innovative banking model of virtual banks has been widely accepted in the Hong Kong market. By the end of 2023, the number of virtual bank account holders reached 2.2 million. The market has responded positively to the products and services offered by the eight virtual banks.In conjunction with the review, the HKMA has also initiated a one-month public consultation on the proposal to rename
