Beyond Doing Digital, Being Digital – the Key to a Successful Digital Transformation

Cover Story

Beyond Doing Digital, Being Digital – the Key to a Successful Digital Transformation

Digital transformation is at the forefront of the banking industry’s collective mind. As evidenced by the many big household names that have fallen from grace since the start of the digital age, to stay ahead, banks must learn to make innovation a core part of their DNA or risk losing market dominance.

Thought Leaders

Progress with Prudence and Service with Sincerity: The Keys to Success in a Customer-Centric World

As the Chief Executive Officer of CMB Wing Lung Bank (CMBWLB), one of the longest established local Chinese banks in Hong Kong, Mr HONG Bo, explains how CMBWLB's core values and philosophies underpin the Bank's longevity as well as driving its future development and aspirations.

Fintech

Value Propositions - Assessing the Growth Prospects and Impact of Hong Kong’s Virtual Banks

As part of a major initiative to promote banking efficiency and increase access to financial services for the underserved banking population, in May 2018 the Hong Kong Monetary Authority (HKMA) published a set of guidelines on the authorisation of virtual banks, setting out the principles which the HKMA would take into account in deciding whether to authorise the set-up of virtual banks in Hong Kong. Almost five years later, as Hong Kong emerges from the COVID-19 pandemic, have virtual banks taken root in Hong Kong and what has been the impact on the incumbent or traditional banks as well as the wider banking environment?

China World

Hong Kong’s Gateway Role to Mainland China Provides the “Backbone” for the City’s Financial Services

With its unique advantage as the key gateway to the Mainland Chinese markets, Hong Kong can play on its strengths as an international financial centre. According to the KPMG “Hong Kong Banking Outlook 2023” report, now that Hong Kong has discarded the majority of measures designed to contain the COVID-19 pandemic, the city’s banking sector will benefit from the return to normal operations and reopening of the border, but will also be under pressure to carry out business transformations while keeping an eye on costs.

GRC Corner

New Corruption Prevention Guide for Banks Aims to Strengthen Internal Controls and Reduce Opportunities for Corruption

Hong Kong’s robust banking system strongly underpins the city’s role as a major international financial centre. However, there are still risks faced by banks, including one of the most damaging, which is corruption. Corruption can not only lead to financial loss but also tarnish the public’s confidence in the quality of banks as well as the overall banking system.

Special Explainer

Issues Raised by the Confidence in Banking Crisis in the US and Switzerland

Confidence was shaken in the banking sector when in March 2023 the collapse of Silicon Valley Bank forced US regulators to step in and guarantee deposits with the aim of preventing contagion spreading to other bank stocks. While economists caution against comparisons to 2007-08 bank failures, despite a series of rescue packages for troubled lenders and the assurances of governments and financial regulators, questions about the health of the global banking environment persist.