The Hong Kong Insurance Authority is considering changing its name to “virtual insurance”, which may be consistent with the logic of changing the name of virtual banks

05/21 02:36

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According to Li Jiada, CEO of Hong Kong virtual bank WeLab Bank, the Hong Kong Insurance Authority is considering renaming "virtual insurance". If virtual banks and virtual insurance are renamed with the same logic, it is believed that further synergies can be achieved. Li Jiada said that "digital" can more accurately highlight the core characteristics of providing digital financial services through technology, clearly defining the service model and characteristics of such banks. "Licensed" highlights regulatory compliance, helps strengthen customer confidence in local virtual banks, and is beneficial for virtual banks to attract new customers and continue to develop.

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