Hong Kong is an international banking centre and 70% of the 100 largest banks in the world have operations in the territory. The financial services industry players in Hong Kong have strengthened their digital transformation journey amid the challenging COVID-19 conditions by implementing innovative initiatives and building ecosystems. Two years after Hong Kong issued eight virtual banking licenses, digital customer penetration has reached more than 50%; and past 80% of financial transactions through mobile and internet.
There has been a lot more emphasis on environmental, social and governance (ESG) issues in banking and the Hong Kong Monetary Authority has been encouraging financial institutions to incorporate ESG into their risk management frameworks. With Wealth Management Connect to be launched and local banks increasing their Greater Bay Area (GBA) presence, leading virtual banks are eyeing expansion into wealth management business for the mass market.
The Asian Banker Hong Kong Country AwardsCeremony for 2021 has documented some of the best practices demonstrated by various financial institutions and their preparedness to compete and win in the post COVID-19 digital world. To celebrate the achievements of these top performing institutions, the awards ceremony will be held virtually on Thursday, 16 September 2021.
Part of the ceremony includes a dialogue session in which senior industry executives will share their insights and views on the current themes that are reshaping the financial services industry in Hong Kong.
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