The HKMA today announced that it intends to rename virtual banks as digital banks. The HKMA clarified that the choice of digital banks can be distinguished from the existing "digital banking services" of traditional banks. Digital banks place more emphasis on the business model and application of fintech adopted by virtual banks, rather than their form of deposit. In addition, the HKMA said that the renaming of virtual banks as digital banks does not mean that only such banks can provide digital banking services in Hong Kong.