This story was delivered to Business Insider Intelligence "Fintech Briefing" subscribers. To learn more and subscribe, please click here. Financial services giant Standard Chartered has set up a subsidiary for its forthcoming digital-only bank and applied for a virtual banking license in Hong Kong. The bank announced its intention to apply for the license in June, and is creating this new venture to help it breakaway from its legacy systems, in an effort to better collaborate with startups and acquire new clients, it said.