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First digital bank launches

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  1. #61

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    Quote Originally Posted by TheBrit
    And Hong Kong claims to take AML seriously.. Lol.
    I was surprised to find this. As a practical matter I'd expect most banks to still require it.

  2. #62

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    Dec 2013
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    Quote Originally Posted by TheBrit
    I signed up for an internet-only bank in the UK in 2000. They are still my main current account and have by far the best service of any bank I've ever used. They were not even the first virtual bank - First Direct beat them by a few years. With no branches and fewer staff, overhead costs are much lower for them.

    Amazing that it has taken twenty years for Hong Kong to catch up.
    First Direct is still my main UK bank. Pity it's now owned by HSBC!

  3. #63

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    Aug 2006
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    6,381
    Quote Originally Posted by HK_Katherine
    First Direct is still my main UK bank. Pity it's now owned by HSBC!
    It's been owned by HSBC for over a quarter of a century.
    Hoista likes this.

  4. #64

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    Feb 2015
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    Quote Originally Posted by traineeinvestor
    Not based on that. The second bullet point still requires the bank to obtain the residential address of the customer - but this can now be provided by the customer without the need for verification through utility bills etc.
    I had missed the point that you (and alexdown) were making.
    You're right, and the link I posted in fact supports it.
    As far as regulations are concerned.
    traineeinvestor likes this.

  5. #65

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    Jul 2004
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    To put an end to all speculations, looks like VBs, many if not all, are set to join HKMA issued Crypto enabled cross boundary money exchange/transfer 'Corridor Network'... Impossible to offer such service without doing due diligence of KYC/AML/FATCA etc etc..

    Seems interesting new arrangement removing layers of correspondent/intermediary bank(s) and no need for actual currency conversion as equivalent Cryptos are transferred at spot rate!!!!

    https://www.scmp.com/business/bankin...t-test-digital

    shri likes this.

  6. #66

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    For the record - I hate the term "crypto" (my mind associates that with bitcoin etc). Digital tokens - i.e. a packet of random numbers, somehow seems more secure in my mind.

    nivantj likes this.

  7. #67

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    Jul 2004
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    3,332

    Co-incidentally i was talking with a senior(ish) IT person in SWIFT couple of days ago and they are already feeling the heat/competition so planning their own Block-chain enabled messaging/transfer service, not sure if it is exactly related to this and/or also some other banks are coming up with their own Blockchain enabled transfer solution.. Early days but looks promising on the face of it..


  8. #68

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    Dec 2018
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    I unsubscribed from their marketing drivel several days ago and am still being spammed.


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