Fintech PR
Nielsen: Virtual Banks to Become a Real Game Changer to Banking Industry Landscape

With the rapid development of Financial Technology (FinTech), the idea of virtual banking has been widely discussed and is gaining more traction among the local banking population. The Hong Kong Monetary Authority (HKMA) first issued the Guideline on the Authorization of Virtual Banks under the Banking Ordinance back in 2000. However, the concept remained at an inception stage until 2018 when HKMA started to receive license applications. So far, out of the 30 applications, only eight had been approved and it was not until March 2020 that the first virtual bank was launched, 20 years after the first issuance of the Guideline.
It has been a long journey for virtual banking to be officially in place in town. To explore the dynamics of virtual banking in Hong Kong, Nielsen has conducted a Personal Finance Monitor to study customer perspective towards virtual banking. This yearly syndicated study aims to provide a holistic view on consumers’ personal financial status and identifying the impact virtual banking brings to the financial industry.
INCREASED AWARENESS AND ADOPTION OF VIRTUAL BANKING
According to the Nielsen Personal Finance Monitor 2020, more banking consumers have heard of the term “virtual bank”, with the corresponding awareness level rocketing from 67% in 2018 to 93% in 2020. However, 42% of them have heard of this term but do not have a strong understanding of it and 38% of them are unable to correctly cite any virtual bank’s name.
Around 7% of the banking customers claim that they are currently using virtual banking services, which is an encouraging figure as the first virtual bank has become fully operational just three months before the survey took place. Moreover, the survey shows that there has been a spike of intention to use virtual banking services, from 20% in 2018 to 37% this year.
“While virtual banks gain popularity among the public, consumers lack a clear understanding of the services and nature. It is imperative for corresponding financial organizations to dedicate more efforts to promote the virtual banking concept and educate the public about this innovative initiative,” recommends Eddie Au, Senior Director, Financial Services, Nielsen.
MOBILE WALLET USERS ARE MORE RECEPTIVE TO VIRTUAL BANK
The study also observed the relationship between virtual bank usage intention and mobile wallet usage. Over half (51%) of active mobile wallet users who use it on a weekly basis express their intention to use virtual banking services in the future, compared with remarkably lower rates of 27% among inactive mobile wallet users and 16% among non-users. The result is not surprising as frequent mobile wallet users are more tech-savvy and have already adopted technology for financial management. In addition, the decision of using virtual banking for customers who are not active peer-to-peer (P2P) service users could be hindered by their unfamiliarity with FinTech, such as making cash deposits or withdrawals through Fast Payment System (FPS).
“Given the positive relationship between virtual bank usage intention and mobile wallet usage, partnering with various Stored Value Facility (SVF) providers could help boost virtual bank usage. Alternatively, the feasibility of facilitating SVF issuance should also be explored,” advised Eddie.
ISSUING CREDIT CARDS AS AN EFFECTIVE WAY TO LURE VIRTUAL BANKING CUSTOMERS
When it comes to popular virtual banking services, the survey reveals that around 75% of potential virtual bank customers prefer to start using virtual banks by opening a deposit account. Meanwhile, credit card services are also on demand, with over half of respondents (54%) showing interests in virtual bank credit card applications. Nonetheless, customers are less excited about virtual personal loan services, which are regarded as one of the popular market entry products for virtual banks. Only 18% of the customers claim they would consider applying for the loans in the future.
“Virtual bank has become a prominent and irreversible trend. Continuous growth is expected in virtual bank usage in the coming years along with the opening of more virtual banks. Still, facing competition from not only their peers but also traditional banks, virtual banks are recommended to fight for market share by putting their focuses on the most demanded services and offering competitive deposit interest rates to trigger trial usage,” said Eddie.
Virtual banks are expected to disrupt the financial industry by offering innovative and extraordinary products and services which are attractive and competitive, likely to force traditional banks to upgrade and improve their offerings and make better use of technology. In the end, banking customers would benefit from the competition.
Fintech PR
BingX Joins NBX 2025 as a Gold Sponsor: Empowering Blockchain Innovation

PANAMA CITY, March 15, 2025 /PRNewswire/ — BingX, a global leading cryptocurrency exchange, is excited to announce its participation as a Gold Sponsor at the 5th edition of Next Block Expo (NBX), scheduled for March 19-20, 2025, at Multikino Złote Tarasy in Warsaw, Poland. As one of Europe’s premier Web3 events, NBX 2025 is expected to attract over 2,000 attendees, making it a key platform for blockchain innovation and collaboration.
NBX serves as a dynamic hub for industry leaders, startups, investors, and developers, fostering knowledge-sharing and networking opportunities to drive the future of blockchain. As a firm advocate for Web3 advancements, BingX will showcase its ongoing commitment to innovation through an interactive booth, featuring engaging activities, expert insights, and exclusive giveaways. Attendees will gain firsthand knowledge of how BingX supports high-potential blockchain projects with financial backing, technical expertise, and strategic growth consultations.
In addition to its sponsorship, Vivien Lin, Chief Product Officer of BingX, will be a key speaker at NBX 2025, contributing to discussions on strategic trading approaches, risk management, and the evolving landscape of blockchain investments. She will also deliver a keynote speech exploring BingX’s vision for blockchain innovation and how the company translates emerging technologies into real-world applications.
“At BingX, we believe that true innovation comes from bold ideas and strategic execution,” said Lin. “Sponsoring NBX 2025 is more than just a presence for us — it’s a commitment to fostering a thriving blockchain ecosystem. We are here to connect with visionaries, provide the resources they need, and help shape the future of decentralized technology. By empowering builders and innovators, we’re not just supporting projects — we are accelerating the evolution of Web3 itself.”
BingX’s participation at NBX 2025 underscores its long-term vision of driving blockchain innovation and supporting the next generation of industry leaders. As BingX continues to expand its global footprint, initiatives like this sponsorship reinforce its role as a catalyst for growth in crypto space. By engaging with emerging projects, thought leaders, and investors, BingX remains at the forefront of Web3 advancements, bridging the gap between groundbreaking ideas and real-world impact.
About BingX
Founded in 2018, BingX is a leading crypto exchange, serving over 20 million users worldwide. BingX offers diversified products and services, including spot, derivatives, copy trading, and asset management – all designed for the evolving needs of users, from beginners to professionals. BingX is committed to providing a trustworthy platform that empowers users with innovative tools and features to elevate their trading proficiency. In 2024, BingX proudly became the official crypto exchange partner of Chelsea Football Club, marking an exciting debut in the world of sports.
For more information please visit: https://bingx.com/

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Fintech PR
Great Bay Insurance Group announces executive changes

WEST ATLANTIC CITY, N.J., March 14, 2025 /PRNewswire/ — The Great Bay Insurance Group (the “Group”), a leading provider of coastal homeowners’ insurance in New Jersey, today announced the following leadership changes. Timothy J. Byrne, Jr., has been named as President of the Group and Ronald R. Lovatt has been named President of Great Bay Insurance Company, a wholly owned affiliate of the Group.
Mr. Byrne Jr. has nearly 15 years of industry experience and previously served as the Group’s Chief Operating Officer overseeing the Groups operations and underwriting strategies.
Mr. Timothy J. Byrne, Sr., Chief Executive Officer of the Group, added, “I’m excited to announce the promotion of Tim Jr. to the role of President of The Great Bay Insurance Group and Ron to the role of President of Great Bay Insurance Company. Tim Jr. and Ron have been an integral part of the Group since its founding in 2019.”
As President, Tim Jr. will provide oversight for all corporate support functions and will continue to report to Tim Sr.
Mr. Byrne Jr. holds a BS in Economic and Mathematics from the University of Vermont, an MBA in Risk Management and Insurance from St. John’s University and holds a CPCU designation.
Mr. Lovatt has 40 years of broad insurance industry experience in leadership capacities with international, national, regional and start-up insurance companies. Ron is a founding member of The Great Bay Insurance Group, working with Tim Sr. & Tim Jr. to launch Great Bay in late 2019. Ron currently serves as Chief Underwriting Officer & Chief Claims Officer for The Great Bay Insurance Group, has an MBA from The Wharton School of the University of Pennsylvania, and a Bachelor of Science degree in Economics, Finance, Accounting & Marketing from Miami University.
Contact:
Investor Relations
Brian Schleider, CPA
Chief Financial Officer
609-434-2000, x102
brian.schleider@greatbayinsure.com
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Fintech PR
Forward Global responds to surge in UK shareholder activism with launch of UK Corporate Contests Practice

LONDON, March 14, 2025 /PRNewswire/ — International risk management firm Forward Global launched its UK Corporate Contests Practice on Tuesday in response to what is described as “all-time high of shareholder activism” in London and Paris.
Speaking ahead of the launch on Tuesday night, Brendan Foo, Partner and Global Head of Corporate Contests at Forward Global, said “As activism gains currency as an asset class, savvy investors are looking toward the UK and Europe to generate alpha. Indeed, in 2025 alone, we have seen an unprecedented demand for our services not just in our traditional strongholds of the US and Canada, but also in the UK and Europe. This reflects the surge in activist (and active) engagements, with which our team is uniquely well-placed to assist.”
Forward Global’s Corporate Contests Practice was established to meet demand from law firms, investors, and advisers to provide a comprehensive suite of services to support companies in high-stakes shareholder engagements. In keeping with the firm’s established activism practice in the US, the new London offering will deliver investigative and intelligence work such as vetting board nominees, relationship mapping, scrutinizing the track records of both incumbents and challengers, and conducting deep-dive reputation analyses. In Europe, Forward Global’s Patrice Lambert-de Diesbach offers clients battle-tested expertise in investor relations and financial communications.
Shareholder activism in the UK has expanded significantly, with campaigns becoming more frequent and sophisticated. In 2023, the number of new public activist campaigns in Europe surged by 68%, with the UK remaining a primary target. US-based activist investors have also increased their focus on UK firms, launching 40% of all UK activist campaigns in 2024. With contested boardroom battles and regulatory shifts on the rise, the expansion of Forward Global’s Corporate Contests practice into the UK is well-timed, equipping issuers with the intelligence and strategies needed to navigate this evolving landscape.
The firm launched the new practice at an exclusive gathering at the International Institute of Strategic Studies in London, bringing together leading voices from the shareholder activism space to discuss the evolving landscape of transatlantic shareholder activism.
The panel discussion, featuring Brendan Foo, Patrick J. McHugh of Okapi Partners, and Sebastian Fain of Freshfields, explored critical considerations for US investors entering the UK market and vice versa, differences in engagement styles across jurisdictions, and strategies for issuers to proactively engage with both activist and active investors. Panelists also examined the impact of anti-DEI and ESG sentiment on investor relations in the UK, as well as how issuers can adapt to evolving regulatory and institutional expectations.
John Watts, Managing Partner of Forward Global UK, added, “Forward Global’s new UK Corporate Contests Practice is designed to provide companies with the strategic intelligence and investigative depth needed to navigate an increasingly complex activist landscape. Our team is committed to equipping clients with the tools to engage proactively with investors, safeguard their strategic interests, and strengthen shareholder relations across Europe.”
Notes for Editors
Forward Global is an international group, with its historic headquarters in France, boasting five main offices in Paris, Brussels, London, Miami, and Washington. As a leading player in risk management with over 450 employees and 30 partners, Forward Global offers an integrated approach across the three major risks: digital, economic, and informational.
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