The Hong Kong Monetary Authority is consulting the industry on the proposal to rename "virtual banks" to "licensed digital banks."

ChainCatcher news, according to the Hong Kong Economic Journal, the Hong Kong Monetary Authority (HKMA) has initiated a consultation on renaming "virtual banks" to "licensed digital banks" on April 30, targeting 8 virtual banks, the Hong Kong Association of Banks, the Hong Kong Association of Restricted License Banks, and the Deposit-taking Companies Association, lasting for 1 month.

HKMA Vice President Yueng Kwok-hang stated in an interview that the initial naming considered the characteristic of having no physical bank, hence the name "Virtual/虚拟." However, in recent years, there have been reflections that "virtual" brings a sense of unreality, and now is an opportunity to consult the industry.