"HK’s Monetary Authority expects 3-4 internet-only banks to kick off trial runs during Q1 following the launch last month of the 1st such bank, ZA Bank, the authority said Fri"

https://www.caixinglobal.com/2020-01-18/more-virtual-banks-to-switch-on-in-hong-kong-101505535.html

The 2-decade head start helps

https://www.reuters.com/article/usa-trade-china-pboc/chinese-financial-institutions-can-cope-with-foreign-competition-c-bank-idUSB9N29F00A

"Investors are getting pickier abt bonds they buy, evidenced by big divergence in credit spreads bt many LGFVs & policy bank CDB. Bond yields from LGFVs in 4 bottom provinces was >300bps ⬆️ than CDB debt, while Shanghai was just 80bps & Guangdong 89bps"

https://www.caixinglobal.com/2020-01-20/provincial-government-credit-scores-highlight-rich-poor-divide-101506425.html