Traditional banks don't see virtual banks as a challenge

Although virtual banks acquired their licenses this year and have made aggressive progress, traditional banks still believe that human contact will still play an important role in banking services.

Hong Kong-based virtual banking WeLab completed a $154 million round of Series C funding on Friday, which is the largest amount of money raised in fintech this year.

Virtual banks are gathering capital so that they can push ahead with operations in 2020. In its press release, WeLab stated clearly that proceeds would be used to support banking services next year.

Others virtual banks are loading up on cash too....