21-Feb-19, Pymnts
As Hong Kong gears up to roll out digital banking licenses, a few of the largest banks in the world are set to compete with online firms.
%20Bloomberg.jpg "Hong Kong opens banking market to online competition (c) Bloomberg")
Image: Bloomberg
The government plans to provide digital banking licenses to companies such as Ant Financial, Tencent, Xiaomi, ZhongAn, and Alibaba.
Small businesses are set to be a large target for online banks as providers seek to roll out foreign exchange, online lending and business payment services.