Asia's tech giants zero in on banking

摘要

Asia's internet firms are challenging the region's traditional banks in consumer finance, tapping their massive user networks for business and following a trail blazed in China by tech giants Alibaba and Tencent. The tech entrants see their advantage in the way they can seamlessly integrate banking services with their users' regular online activities and the efficiency that comes from their technology. Last month, Hong Kong's banking regulator awarded three virtual banking licences in what could be the biggest shake-up in years in a city dominated by incumbents HSBC, Citigroup and Bank of East Asia.