The HKMA today released a review report on virtual banks. According to the review results, the development of virtual banks has so far achieved three policy objectives for the introduction of virtual banks in Hong Kong. In addition, the innovative banking business model of virtual banks using technology as the leading is widely accepted in the Hong Kong market. By the end of 2023, the number of depositors of virtual banks reached 2.20 million. The market responded well to the products and services provided by eight virtual banks. Meanwhile, the HKMA today launched a one-month public consultation on the proposal to rename "virtual bank" as "digital bank". It is expected that the proposed new name will better reflect the current banking business model of virtual banks.