Adoption of Virtual Banks and Insurers

Adoption of Virtual Banks and Insurers 28 Survey Findings Which virtual banks are licensed by the Hong Kong Monetary Authority? After identifying the names and logos of the eight virtual banks, the respondents were asked if they could recognize the eight virtual banks licensed between March and May 2019. The purpose of this question was to find out the public’s awareness of the licensing requirement of virtual banks. The list of names and logos of traditional banks and financial institutions is identical to the previous question; the respondents could select multiple entries. Exhibit 8 indicates that 66.5% of the responses correctly identified the eight licensed virtual banks. The percentage of 66.5% is lower than the previous question at 76.4%. Although the public learned of the names of these virtual banks, some were uncertain about whether they were licensed as not all virtual banks had rolled out their services when the survey was conducted. The ratio of responses shows that public awareness of licensed virtual banks needs to be further developed. Note: The names of the virtual banks are masked as our objective is to assess the overall brand awareness of virtual banks, not their market share. Exhibit 8 Which virtual banks are licensed by the Hong Kong Monetary Authority? Virtual Bank 6 7.5% Virtual Bank 8 15.5% Virtual Bank 5 5.8% Virtual Bank 4 5.8% Virtual Bank 3 5.2% Virtual Bank 2 10.7% Non-Virtual Banks 33.5% Virtual Bank 1 6.1% Virtual Bank 7 10.0%