In business valuation analysis, a Virtual Banking License is one of the intangible assets possessed by a bank which has been granted an authorisation to operate a banking business. Unlike traditional banking license, a Virtual Banking License, also referred to as Fintech or Digital Banking License is a kind of banking license granted to entities to provide customers with deposit accounts, loans and payment services through digital-only channels without establishing physical branches. A banking license is categorised as contract-based intangible assets as it grants protective and legal rights to the bank to conduct business in a legally regulated setting. The rights granted under the virtual banking license for fulfilling the legal requirements to operate the banking business have value to the holder. In valuing a bank for transaction purposes, business valuators estimate the fair market value of the operating license separately from the tangible assets by applying techniques under the market, asset and income valuation methods. A virtual banking license qualifies as an intangible asset because it is identifiable, separable and can be accurately measured. Depending on the state of the bank, the license may command the highest fair market value.