In May 2018, the HKMA revised its guideline on the authorisation of virtual banks. This guideline sets out the requirements for: ownership, ongoing supervision, physical presence, technology risk, risk management, business plan, exit plan, customer protection, outsourcing and capital.
Since March 2019, the HKMA issued eight virtual banking licences. Some of them have already commenced businesses. Virtual banks do not have physical branches. Instead, they deliver all services via the internet and in general, do not impose minimum balance requirements or low-balance fees on customers.
- What makes the virtual banks more competitive than traditional banks?
- How do they do the eKYC processes?
- What are the products offered that distinguish them from others?
- What will be the next steps for virtual banks?
To understand more about virtual banks and the above questions, you can join this web seminar. In this web seminar, we will cover:
- Basic requirements of a virtual bank
- Virtual banks vs traditional banks
- Features of existing virtual banks
- What's next
PETER PANG, Director of Risk Advisory, BDO
Peter has extensive experiences in managing corporate governance, compliance, risk management, internal control review, internal audit, Sarbanes-Oxley and other assurance projects for local, regional and international financial services clients.
Peter has more than 20 years of risk and assurance experience. Prior to joining BDO, he was the Head of Risk of a listed aircraft leasing company with operations in Asia, Europe and America. He also worked in a large international accounting and advisory firm as head of department.
Peter served clients in the financial services sector, including fund and asset management, trust operation, banking, securities, aircraft leasing, airlines, regulatory and professional organisations. In particular, he has involved in providing internal control review and SOC review assignment for virtual asset servicing companies. Peter is also trained in Blockchain Strategy by Oxford University.
Peter is a Fellow of the Hong Kong Institute of Certified Public Accountants, Fellow of the Institute of Chartered Accountants in England and Wales and
Certified FRM of Global Association of Risk Professionals (GARP).
ROGER LO, Senior Manager of Risk Advisory, BDO
Roger Lo has over 10 years of professional experiences in data security on IT infrastructure and systems. With a mixed business and information technology background, he has worked in Fortune 500 companies, insurance, hospital, and telecommunications to provide technical review and policy management on cybersecurity, IT system, sensitive data & IT infrastructure.
His clients are corporations listed in Hong Kong & China, he has conducted data integrity review for a number of regulated businesses, such as Securities firms, Assets Management, Casino, Hospitality, Manufacturing & Retail. Particularly, Roger’s duties are advising or reengineering these businesses by providing IT risk assessment in compliance to China Cybersecurity Law, ISO 27001 as well as US NIST Cybersecurity Framework.
He is a Certified ISO/IEC 27001 Senior Lead Auditor, member and Certified Information Systems Auditor (CISA) of the Information Systems Audit and Control Association (ISACA), associate member of Cloud Security Alliance (CSA) and was a Cisco Certified Network Associate (CCNA).
SACHA CHIU, Manager of Risk Advisory, BDO
Sacha has been working in the legal and compliance fields for around 10 years and he is experienced in handling data privacy matters. Prior to joining BDO, he worked at some private companies in legal and data protection related capacities which covered diverse business nature eg telecommunications, airlines, cinema & ticket sales platform and banking.
Apart from the commercial sector, he had also been working at the regulator, Office of the Privacy Commissioner for Personal Data.
His experiences with regard to data privacy compliance cover the following areas: compliant handling and investigation, developing and reviewing internal guidelines and personal information collection statements, handling data access requests, data privacy risk assessment, data breach incidents monitoring & remedial action recommendations, and data privacy issues advisory.
We will focus on the following questions:
- What makes the virtual banks more competitive than traditional banks?
- How do they do the eKYC processes?
- What are the products offered that distinguish them from others?
- What will be the next steps for virtual banks?
In this web seminar, we will cover:
- Basic requirements of a virtual bank
- Virtual banks vs traditional banks
- Features of existing virtual banks
- What's next
Further information
This event will incorporate slides which you can view on a PC and audio broadcast technology which requires only the speakers in your device. Therefore, on the day, please ensure the audio volume of your device is turned up. You are recommended to log in the webinar (which will be provided by email after your successful registration) a few minutes before the web seminar starts to make sure you have no problem with the connection.
Details are as follows:
| Date |
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Tuesday, 25 August 2020 |
| Time |
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16:00 – 17:00 HKT (web seminar session) |
| Language |
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English |
| Fee |
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Free of Charge |
| Target audience |
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Financial institutions & C-level executives |
| CPD Units* |
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1 hour |
| Remarks |
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1. For any enquiries, please contact contact Cecilia Young at +852 2218 3760 or ceciliayoung@bdo.com.hk. |
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2. Login information will be sent to you by email after successful registration. |
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3. BDO reserves the final right of acceptance of registration. |