ChainCatcher news, according to Hong Kong 01, Hong Kong Monetary Authority Chief Executive Eddie Yue said that looking forward to the future, with the diversified development of virtual banks and traditional banks, the HKMA believes that the current number of virtual bank licenses is appropriate, and there is no need to introduce more new virtual bank participants in the market at this stage.

In terms of business and financial performance, virtual banks faced challenges in the early stages of their opening, mainly affected by the outbreak of the new coronavirus, and the eight virtual banks had not yet achieved profitability by the end of 2023.

However, in the past three years, virtual banks have recorded moderate growth in their business and continued to improve their operating performance. From the 2021 to 2023 fiscal year, their overall operating income increased sevenfold and their net losses narrowed by 15%.