According to Foresight News, the Hong Kong Monetary Authority (HKMA) has initiated a one-month consultation to rename 'virtual banks' as 'licensed digital banks'. The consultation, which began on April 30, involves eight virtual banks, the Hong Kong Association of Banks, licensed banks in Hong Kong, and the Deposit-taking Company Association. The move is seen as an effort to better reflect the nature of these institutions in the digital age. The HKMA's initiative is part of a broader trend of financial regulators worldwide adapting to the rise of digital banking and fintech.