What a Hong Kong business account application actually asks for
The documents behind ownership, trading activity and expected payment flows.
ReadStories
Virtual banks
What an HKMA licence means for a company — and what it does not.
Field notes
Virtual banks stories
Virtual-bank stories separate the licence, which is a regulatory fact, from the business product, which is a commercial decision that changes over time.
Virtual bank, traditional bank or EMI: the practical split
Three regulated models, three different answers to the same operating question.
ReadOrientation
How to read the virtual-bank desk
Hong Kong’s virtual banks were licensed to push competition and digital service in retail and SME banking. For a company, the licence is the start of the question, not the end: each virtual bank decides which business customers it serves, in which currencies and with which limits.
Use the tracker to confirm which institutions hold a licence, then the stories here to understand how a virtual bank differs from a traditional bank and from a payment provider — especially on deposit protection, product range and onboarding.
Desk
What this desk tracks
- Licence status of the eight virtual banks.
- Business products and eligibility changes.
- HKMA reviews and statements on the sector.
- Deposit protection for virtual-bank customers.
FAQ
Questions readers ask
How many virtual banks are licensed?
Eight. See the tracker for the list and the HKMA register for confirmation.
Do virtual banks serve companies?
Several offer business accounts; scope and eligibility differ and change.
Are they covered by deposit protection?
Yes — they are Deposit Protection Scheme members.
Where can I compare them with traditional banks?
In the virtual bank vs traditional bank comparison.
Sources
Primary references
- HKMA register of authorized institutionsChecked 2026-11-12
- HKMA virtual bank review (press release, 2024)Checked 2026-11-12
- Banking Ordinance (Cap. 155)Checked 2026-11-12