Digital banks have created a "catfish effect" in Hong Kong's financial industry, with the total number of customers accounting for 8.8% of the overall retail banking market.

PANews reported on November 3 that the People's Daily published an article today titled "Hong Kong actively cultivates new momentum for financial development - consolidating and enhancing its status as an international financial center (Xiangjiang Online)", which pointed out that according to statistics from the Hong Kong Monetary Authority, since the issuance of licenses to 8 digital banks in 2019, Hong Kong's digital banks have had 2.2 million deposit customers, and the total number of customers has increased to 8.8% of the overall retail banking market. The emergence of digital banks has produced a "catfish effect" in Hong Kong's financial industry.

According to statistics, there are about 1,000 fintech companies in Hong Kong. In his 2024 Policy Address, the Chief Executive of the Hong Kong Special Administrative Region, John Lee, proposed the goal of "building a fintech innovation ecosystem" and will continue to promote innovative financial services such as central bank digital currency, mobile payments, virtual banks, virtual insurance and virtual asset trading.