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Online banking, also known as internet banking, virtual banking, web banking or home banking, is a system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website or mobile app. Since the early 2000s this has become the most common way that customers ...
As one of the top five financial centres worldwide, Hong Kong has one of the highest concentrations of banking institutions in the world, with 70 of the largest 100 banks in the world having an operation in Hong Kong. As of 2019, there were 164 licensed banks, 17 restricted licence banks and 13 deposit-taking companies in business, constituting ...
After the establishment of Hong Kong as a British colony in 1842, the territory witnessed the foundation of its modern banking system. [1] The Hongkong and Shanghai Banking Corporation (HSBC) was established in 1865, with the primary purpose of financing trade between China and Europe. [2] [3]
According to Hong Kong Interbank Clearing, cheque transactions in Hong Kong fell to HK$488.6 billion (US$62.5 billion) in December, down 13 percent year-on-year. [119] In 2024, HSBC announced an international payments app, a competitor to Revolut and Wise apps. It will also focus on retail customers and low-cost currency exchange. [120]
HSBC is one of the three commercial banks which are authorised to issue banknotes for Hong Kong - the other two being the Bank of China (Hong Kong) and Standard Chartered Bank (Hong Kong). [6] Of the total notes in circulation measured by value, HSBC is the most prolific issuer, its notes representing 67.7% of those in issue.
Landmark developments include the inception of U.S. federal banking supervision with the establishment of the Office of the Comptroller of the Currency in 1862; the creation of the U.S. Federal Deposit Insurance Corporation as the first major deposit guarantee and bank resolution authority in 1934; the creation of the Belgian Banking Commission ...
t. e. The Hong Kong Association of Banks (HKAB; Chinese: 香港銀行公會) is an association created based on a series of Bank Ordinances enacted since 1948. In 1981 the association was established and replaced the Exchange Bank Association. The ordinance provides a framework for the Hong Kong Government to exchange views with the banking ...
The HKMA, which is Hong Kong's central banking institution, acts as the clearing house for Hong Kong dollar (HKD) CHATS. All licensed banks in Hong Kong maintain HKD settlement accounts with the HKMA, and as of June 2000, restricted license banks "with a clear business need" may also open settlement accounts with the HKMA. [4]