Equities

Reuters reveals Hong Kong digital banks launch faces delay due to protests

Reuters reveals Hong Kong digital banks launch faces delay due to protests

Reuters revealed that the launch of new online-only banks in Hong Kong was expected to be delayed in part due to anti-government protests in the city, the latest sign of the damage being wrought on the Asian financial hub’s economy due to the political turmoil that erupted in June. Most of the eight newly licensed digital banks in Hong Kong, including joint ventures involving Standard Chartered and Bank of China Hong Kong, had aimed to begin operating before the end of 2019 but will now launch early in 2020, sources told Reuters.