The Hong Kong Monetary Authority (HKMA) recently published a comprehensive review report on virtual banks. According to the findings of the review, virtual banks have successfully achieved their three policy objectives in Hong Kong since their introduction and have gained widespread recognition for their innovative banking services driven by technology. As of the end of 2023, a total of 2.2 million customers have become users of the eight virtual banks, providing positive feedback on the products and services offered. In this context, the HKMA announced today that, in order to more accurately reflect the current business characteristics and development trends of virtual banks, plans are underway to adjust the names of these institutions. It is proposed that “virtual banks” be renamed to “digital banks.” This move aims to emphasize the service provision through digital technologies of virtual banks, while better reflecting their role and positioning in modern financial services. The HKMA has decided to launch a one-month public consultation to collect opinions and suggestions from all sectors of society regarding this proposal. The final decision will take into account public opinions as well as the latest developments in the banking industry, ensuring that the new name is more appropriate for the current status and future development direction of virtual banks.