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Nikkei Markets

Tencent and Ant Financial win Hong Kong virtual bank licenses

Xiaomi- and Ping An-backed ventures also gain approval from monetary authority

Hong Kong's downtown skyline and Victoria Harbor are visible in this view from the Peak. (Photo by Ken Kobayashi)

HONG KONG (Nikkei Markets) -- The Hong Kong Monetary Authority on Thursday said it has granted virtual banking licenses to four new entities backed by some of the most influential businesses in the city and mainland China, aiming to spur financial innovation in the former British colony.

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