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Business trends

Hong Kong jumps on fintech bandwagon

AIA and Standard Chartered open digital channels to connect with new customers

Standard Chartered plans to apply for a virtual-banking license in Hong Kong to better reach small businesses.   © Reuters

HONG KONG -- Leading companies in Hong Kong's finance sector are launching projects revolving around financial technology, marking a step forward in a region where conventional banking still dominates.

AIA Group, an insurer boasting more than 3 million customers in Hong Kong, on Tuesday rolled out iShop, an online marketplace letting consumers buy health or life insurance in just 3 minutes. A prospective customer can choose a product on the website and answer basic questions to receive a quote. If the user opts to buy a policy, AIA sends documents to confirm the purchase via email.

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