Hong Kong virtual banks eye Web3 growth despite regulatory hurdles
Despite capturing just 0.3% of retail bank assets, Hong Kong’s virtual banks are exploring opportunities in the Web3 space.
Hong Kong’s virtual banks are reportedly at a critical juncture. They currently capture only a small fraction of the financial market and hold 0.3% of the assets of all retail banks.
According to the South China Morning Post (SCMP), HK legislator Johnny Ng Kit-chong, a supporter of cryptocurrencies, believes that virtual banks can do more to serve Web3 companies.
Related: Hong Kong virtual bank Mox Bank launches crypto ETF trading
Go to Source
Author: Josh O'Sullivan
