HONG KONG -- Hungry for new growth avenues, China's top internet businesses such as JD.com and ZhongAn Online P&C Insurance are moving into online banking in Hong Kong to experiment with fresh services as they eye expansion overseas.
The Hong Kong Monetary Authority, the city's de facto central bank, has granted virtual banking permits to four joint ventures set up by Chinese internet companies. They are expected to start operations -- providing regular bank services online without a physical presence -- by the end of the year.
