Adoption of Virtual Banks & Insurers

Adoption of Virtual Banks and Insurers 76 Looking ahead In summary, there is evidence that the policy goal of introducing vitual banks and insurers to the finance industry to increase its overall innovativeness has achieved early success. While virtual banks and insurers are constructing their beachheads in the market, incumbents are transforming themselves to adapt to the changing market situation, which will eventually lead to an increase in their own competitiveness. This is further facilitated by a more agile ecosystem in the industry and an expanding pool of fintech and insurtech talent cycling between traditional and virtual operators. The efforts of both the new virtual operators and incumbents to raise their own innovativeness and technology readiness will further strengthen Hong Kong as a global financial center—the invisible hand is in action again.