Livi VB, SC Digital Solutions and ZhongAn Virtual Finance have secured virtual banking licences from the Hong Kong Monetary Authority (HKMA).

These are the first three licences of its type granted by the regulator.

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The move shakes up the banking industry in Hong Kong that has hitherto been dominated by traditional players. It aims financial inclusiveness.

That being said, all the winners of the licences are backed by financial majors.

ZhongAn Virtual Finance is a venture between online insurer ZhongAn Online P&C Insurance and Sinolink.

Livi VB is owned by Bank of China (Hong Kong), JF Digits and Jardines.

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SC Digital Solutions is a joint venture between Standard Chartered, Ctrip, PCCW and HKT.

The banks are expected to go live in six to nine months.

As per mandate, the virtual banks will require a minimum capital requirement of HK$300m ($38.2m).

Hong Kong currently has a total of 155 licensed banks.

The regulator said that it is currently reviewing five additional virtual bank applications.

HKMA CEO Norman Chan said: “The introduction of virtual banks in Hong Kong is a key pillar supporting Hong Kong’s entry into the Smart Banking Era.

“It is a major milestone in reinforcing Hong Kong’s position as a premier international financial centre. I believe that virtual banks will not only help drive FinTech and innovation, but also bring about brand new customer experiences and further promote financial inclusion in Hong Kong.

“As virtual banks will have no physical branches, they will rely on the internet for customer acquisition and for the delivery of banking services.”