FAOM: The HKMA Virtual Bank Journey

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Co-labs Coworking Level 25, Naza Tower KL

10 Persiaran KLCC

Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur 50088

Malaysia

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Hong Kong Monetary Authority has awarded eight virtual banking licenses this year. The hope is that such efforts will fuel disruption and innovation within one of the world’s leading financial hubs and the gateway to China.

Meanwhile, Singapore quickly followed suit, with the MAS (Monetary Authority of Singapore) announcing plans to issue up to five virtual banking licenses. Whether Bank Negara will allow traditional banks — and not just tech players or newcomers — to apply for a digital banking licence remains to be seen, as the central bank is only expected to announce licensing rules by year-end.

Beyond improving operational efficiencies and improving customer experience, fintech startups in Asia are leveraging mobile technology to provide a variety of services to the underbanked and unbanked.

While advancement in technology brings many advantages and opens the door to a better future, the onus is on all of us to ensure that it’s done ethically and responsibly, and to ensure that we are not merely echoing past behaviours and injecting human biases into the algorithms.

After all, technology is merely a means to an end. It is up to us to charter our course and writes our history. Focusing on our next step toward the future is perhaps the most logical starting point.

Join the conversation as we speak to Karen Man and Stephanie Magnus from Baker McKenzie, Hong Kong.

Venue:
Co-Labs Coworking
Naza Tower, Platinum Park
10 Persiaran KLCC

Date: 26th August 2019
Time: 4 pm - 6 pm

Seats are available for FAOM members only.
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Date and Time

Location

Co-labs Coworking Level 25, Naza Tower KL

10 Persiaran KLCC

Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur 50088

Malaysia

View Map

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