Two New Virtual Banks Get Launched in Hong Kong, Licenced by HKMA
With an aim to promote Fintech and innovation, two new banks- #Ant Bank and Ping An #OneConnect Bank are launched in Hong Kong.
Earlier known as #Alipay, Ant Bank- owned by mother company Ant Financial- opened its businesses this Monday following a trial for three months. The bank is all geared up in its venture to attract new clients with deposits rate set at 2.5% per annum for deposits up to HKD 20,000. Notably, Ant Bank is affiliated with the tech giant Alibaba.
A joint partnership between Ant Group and CK Hutchison strengthened the bank’s ties with #AlipayHK enabling its customers with multiple perks- from ease of opening bank accounts to integrated banking services.
Ping An OneConnect Bank (PAO Bank), a subsidiary of OneConnect Financial Technology, started its operations on Tuesday. Being one of the Challenger banks, the bank earned the virtual banking licence by the Hong Kong Monetary Authority (#HKMA) last year.
Having launched eight virtual banks, HKMA aims for promote fintech and innovation in Hong Kong. The other virtual banks include- Airstar Bank Limited, Fusion Bank, Livi Bank Limited, WeLab Bank, Mox Bank Limited, and ZA Bank Limited.
