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Clifford Chance

Clifford Chance
News and awards

News and awards

Clifford Chance advises Bank of China (Hong Kong) on JV to establish virtual bank in Hong Kong

3 April 2019

Clifford Chance advises Bank of China (Hong Kong) on JV to establish virtual bank in Hong Kong

Leading international law firm Clifford Chance advised BOC Hong Kong (Holdings) Limited (BOCHK (Holdings)) on the establishment of a joint venture, Livi VB Limited, backed by BOCHK (Holdings), Jingdong Digits Technology Holding Co., Ltd. (JD Digits) and the Jardine Matheson Group (Jardines), which has been granted a banking licence issued by the Hong Kong Monetary Authority (HKMA) to conduct virtual banking business in Hong Kong.

The banking licence granted to Livi VB Limited is one of the first three licences granted by the HKMA for conducting virtual banking business in Hong Kong.

BOCHK (Holdings), JD Digits (through its subsidiary JD New Orbit Technology (Hong Kong) Limited) and Jardines (through its subsidiary JSH Virtual Ventures Holdings Limited) have a total joint initial investment of HK$2.5 billion and a shareholding of 44%, 36% and 20% respectively.

Partner Virginia Lee led on the deal with support from senior associates Queenie Tong, Ryan Wong, and associates Winnie Poon and Vicky Xiang. Partners Yong Bai and Ling Ho also provided support on the project.

Virginia said, "It has been very exciting acting for Bank of China (Hong Kong) on this landmark initiative to be one of the first to establish a virtual bank in Hong Kong. Once again our team is advising on ground breaking Hong Kong deals; this time showcasing our deep expertise in fintech and regulatory matters."

高伟绅为中银香港在香港设立虚拟银行合资公司提供法律服务

国际领先律师事务所高伟绅就中银香港控股有限公司(“中银控股”)、京东数字科技控股有限公司(“京东数字科技”)和怡和集团(“怡和”)设立合资公司Livi VB Limited为中银控股提供法律服务。香港金融管理局(“金管局”)已向该合资公司授予银行牌照以经营虚拟银行。

Livi VB Limited获得的银行牌照是金管局针对在香港开展虚拟银行业务发放的首批三张牌照之一 。

中银控股、京东数字科技(通过其子公司京东新程科技(香港)有限公司)和怡和(通过其子公司JSH Virtual Ventures Holdings Limited)对合资公司的初始投资总额为25亿港元,分别持有合资公司44%、36%以及20%的股权。

本次交易由高伟绅合伙人李婉雯律师领导,由资深律师唐嘉雯和黄励行、律师潘咏怡和向圣仪提供支持。合伙人柏勇和何秀仪也为本项目提供了支持。

李婉雯律师表示,“中银香港成为首批在香港设立虚拟银行的公司,这是一项具有里程碑意义的交易,我们非常高兴就此为中银香港提供法律服务。我们的团队再次参与香港的开创性交易充分展示了高伟绅在金融科技和监管领域的强大业务能力。”