For the bold, there are virtual banks
-- institutions that operate online only.
He said: 'Unless systems are completely foolproof there is always a chance criminals could pull off a virtual bank
"It is possible that virtual banks
could be more volatile.
According to Yahoo.com, Jessica Tan Sin-yin, co-chief executive of Ping An Insurance, said, 'Initially, our virtual bank
will directly offer lending to individuals and SMEs to show that our risk assessment models and technology can work.
In May, the HKMA issued revised guidelines for the authorisation of virtual banks
. It has received about 30 virtual bank
applications to date, ranging from telecommunications operators and Fintech companies to global banks.
Radius Bank is an industry-leading virtual bank
focused on providing clients with banking solutions to better their financial health.
Banco IXE, Mexico's virtual bank
, is well on its way to fulfilling its slogan as the "bank of convenience."
Mobile phones are being used in South Africa as virtual bank
accounts, following the introduction of services by Wizzit and then MTN Banking, a joint MTN and Standard Bank venture, earlier this year.
The advanced online dashboard combines a cross-border Virtual Bank
Account structure with Virtual Ledger Accounts.
Mecklermedia has added CompuBank, a virtual bank
, to its Internet.com network of web sites to enable visitors to the sites to conduct their banking and bill payments online.
It is anticipated by Line Pay, to be available in the second quarter of this year, will allow Line users to create virtual bank
accounts under Cathay United Bank via mobile phones and transfer money directly to friends within the Line app.
The eight fintech companies that obtained the virtual bank
licences are: Ant SME Services, Insight Fintech, Infinium, Livi VB, Ping An OneConnect, WeLab and ZhongAn Virtual Finance.