Virtual Banks – New Reality Welcomed by the Hong Kong Monetary Authority

Gabriela Kennedy's Asia Pacific column in the latest issue of Computer Law & Security Review features a Mayer Brown article in relation to Hong Kong market, titled "Virtual Banks – New Reality Welcomed by the Hong Kong Monetary Authority".

Gabriela first sets out the background of the Proposed 2018 Guideline on virtual banking by the Hong Kong Monetary Authority (“HKMA”). Many of the existing principles stipulated in the 2000 Guideline remain applicable. Then she briefly discusses each of the key changes introduced in the Proposed 2018 Guideline, including ownership, capital requirement, supervision, physical presence, minimum account balance, exit plan and cybersecurity and outsourcing. The authors conclude the article with some takeaway points.

Gabriela is a member of the editorial board of Computer Law & Security Review and edits the Asia Pacific column, a country-by-country analysis of the latest legal developments, cases and issues relating to IT, media and telecommunications in the Asia Pacific region.