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Hong Kong Financial Secretary: Virtual bank competition promotes digital transformation of traditional banks

Paul Chan Mo-po, Financial Secretary of Hong Kong, today published a ministerial essay titled "Practicing Cooperation and Win-win". In it, he revealed that Hong Kong will hold the GreenTech Summit and Green Week in early 2024, which is expected to facilitate more green funds and project docking. Chan Mo-po also pointed out that since the launch of the virtual banking license four years ago, competition has prompted traditional banks to take bigger steps towards digital transformation, and some virtual banks have achieved good development in Southeast Asian markets.

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