【游戏行业】J.P.摩根-港股-银行与金融服务业-香港银行业：虚拟银行，游戏的变革者_市场营销策划2.docxVIP

Hong Kong Banks 101 on Virtual Banks - The Game Changers Asia Pacific Equity Research 17 July 2019 HKMA issued full banking licenses to eight virtual banks (VBs). We believe this could be a game changer for HK banks, which reported materially higher retail ROA than peers in other regions. In our opinion, the VBs will disrupt the incumbents if they are able to offer a seamless user experience while managing key risks. Small banks (BEA DSBG) may see higher earnings risk in initial years, and deposit leaders (i.e., HSBC HSB) are likely to lose market share in the years to come, leading to con