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.