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 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.

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.

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 Financial & Business Services insights 

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