The Hong Kong Monetary Authority has released draft guidelines for virtual banks looking to set up in the region, the South China Morning Post reported today.
The authority, which will issue its final guidelines on the matter in May, is proposing that virtual banks will need to have a minimum of $38.6 million U.S., or $300 million H.K., to launch in the area.
These banks will also not be allowed to issue low balance fees to its consumers, or add a minimum account balance requirement, the Morning Post reported.
The Hong Kong Monetary Authority will accept feedback on the guidelines up until March 15th, 2018.
Read more at the South China Morning Post and Finextra.
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