Some of the world’s biggest banks are about to go head to head with China’s top technology and payments companies for the first time when Hong Kong opens its market to online competitors.
Authorities are preparing to issue digital banking licences in the coming weeks to six companies including internet and gaming group Tencent, Ant Financial, the payments business of e-commerce giant Alibaba, smartphone maker Xiaomi and insurer ZhongAn.
At stake is an estimated pot of $15bn, or two-thirds of annual retail banking revenues, according to Goldman Sachs, currently in the hold of banks such as HSBC and Standard Chartered that have lived without fear of serious competition for decades.
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