Standard Chartered Hong Kong sets up new entity to support virtual bank ambitions

Deniz Güven has been appointed as its CEO.

Standard Chartered Hong Kong has made further strides to achieve its virtual bank ambitions with the announcement that it has set up a new entity for such purpose and submitted its application for an online-only banking license to the Hong Kong Monetary Authority, according to a media release.

Deniz Güven has been appointed as the CEO of the new virtual bank entity.

“We have a real opportunity to create a new bank designed to make life easier and more rewarding for Hong Kong clients. We have the expertise in financial products, and now we will focus on creating valuable digital services and collaborating with technology players and start-ups,” Samir Subberwal, regional head of retail banking, Greater China and North Asia at Standard Chartered said in a statement.

Also read: Standard Chartered to split Asia operations into Hong Kong and Singapore

A total of 60 companies including online loan platform WeLab and Yedpay! have reportedly expressed interest to apply for the virtual bank license after the HKMA published revised guidelines on the authorisation of such entities in May.

“We hope to be in a position to start granting licences to virtual banks towards the end of this year or in the first quarter of next year,” HKMA chief executive Norman Chan said in an earlier statement.

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