KWM helps secure one of Hong Kong’s first virtual-bank licenses

“This is a breakthrough for Hong Kong’s progression into smart banking,” a lead partner says

KWM helps secure one of Hong Kong’s first virtual-bank licenses

King & Wood Mallesons (KWM) played a key role in securing one of the first three virtual-banking licenses granted by the Hong Kong Monetary Authority (HKMA).

The Sino-Australian giant advised ZhongAn Virtual Finance on its successful application, which secured the license that took effect on 27 March.

The firm handled a wide range of issues for the application, including regulatory, cybersecurity, privacy, corporate structuring, overseas direct investment approval, and antitrust. The firm said that it will continue as legal adviser for ZhongAn, tackling regulatory issues related to the virtual bank’s establishment and operations.

The Hong Kong team was headed by partners Minny Siu, Richard Mazzochi, Hayden Flinn, and Peter Bullock. Siu congratulated ZhongAn for being a pioneer in the virtual banking services sector in Hong Kong.

“This project involves the establishment of a new banking entity in Hong Kong with an innovative business model. This is a breakthrough for Hong Kong’s progression into smart banking and we are proud to be involved in this project,” she said.

The KWM team in China was headed by partners Stanley Zhou and Chai Zhifeng.

Mazzochi, who heads the banking and finance practice in Hong Kong, said that the launch of the licenses “signals Hong Kong’s commitment to propelling innovation,” which he said is one of the key pillars of the KWM business model.

Related stories

Free newsletter

Subscribe to our FREE newsletter service and we’ll keep you up-to-date with the latest breaking news, cutting edge opinion, and expert analysis affecting both your business and the industry as whole.

Please enter your email address below and click on Sign Up for daily newsletters from Australasian Lawyer.

Recent articles & video

COVID-19 and Australian courts and legal bodies updates: 1 June

KWM helps industrial chemicals manufacturer cook up $600m in capital raising under COVID-19

New Hong Kong security law an “unconscionable” threat to judicial independence, says IBA

HSF pumps up global financial services regulatory team with new partner

DLA Piper supports nickel pig iron producer on $231m equity raising effort

US Supreme Court rejects government request that keeps inmates at high risk for COVID-19

Most Read Articles

KWM's chief executive partner for Australia extends run into second term

Clayton Utz senior associate applauds greater focus on diversity and inclusion

Clayton Utz guides aerial imagery company to picture-perfect sale

G+T helps newly-listed maltster brew up first capital raising with “novel relief” from ASIC