8 Most Popular Online Banks in Hong Kong
There has been a surge in virtual banks in Hong Kong recently, and to make it easier for users to choose the right institution, the Hong Kong Monetary Authority has published a guide on everything a user needs to know about online banking. The first thing you need to know about this type of financial institution is that you will not find any physical branch. All transactions take place exclusively online.
This is the main feature of online banking. You do not even have to go outside to experience all its benefits.
In fact, such a step is very important for the development of FinTech in this region. Hong Kong recently marked the beginning of the era of smart banking, which is why the introduction of virtual banks is now more important than ever. Also, online banks not only offer new experiences for users, but also services for small and medium businesses.
1. Airstar Bank
The co-founders of this bank are Xiaomi and AMTD Group, and the institution received a banking license in 2019.
However, the bank reached Fintech Industry only at the end of March 2020. The company announced that it was going to launch a trial version of the online bank. Already in June, a full version of the online bank became available to users. The services provided by the bank include savings, deposits and loans.
2. Ant Bank
This bank appeared a year earlier than its previous counterpart. The company started its activities in Macau and is already successfully promoting its online banking products. In general, Ant Bank focuses on servicing small and medium-sized businesses, entrepreneurs and individuals. The financial institution has been operating as an online bank since May 2019, when it received its license.
3. Fusion Bank
The bank was founded by several stakeholders, including both the most famous Hong Kong businessmen and leading financial institutions in China. The bank received its license in May 2019 and since then is one of the leaders in the field of financial innovation, customer service and smart banking.
4. Livi Bank
This bank has existed relatively recently - since August this year. But it has already won the hearts of its loyal customers. Its main feature is that it is an official partner of UnionPay International, and therefore its users can use UnionPay payment services directly in the livi bank application.
Also, online banking recently signed an agreement with Wolters Kluwer to monitor livi’s regulatory reporting obligations.
This online bank has tremendous support from institutions such as the Bank of China Hong Kong, Jingdong Digits Technology and the Jardine Matheson Group.
5. Mox Bank
Like others, this online bank has its own characteristics. For example, it was launched in April last year, and registered users only by invitation. And it was a trial version of online banking. In this way, he collected feedback from users who have already appreciated the advantages and disadvantages of the application, to later provide the best product for the whole community. There were more than 3,000 such "testers", and for this they will receive a special type of bank card.
The bank is so successful that even before its opening, it collected 20,000 pre-registrations.
6. Ping An OneConnect Bank
The bank marked its goal to create the best online banking experience for users, providing them with a full-fledged ecosystem of a real bank.
It received the license in May 2019. It is important that this virtual bank serves not only individuals but also small and medium-sized businesses and entrepreneurs.
In June of the same year, the company announced its intention to launch a test version, with access to only 2,000 individuals and 200 businesses, which were able to assess all the pros and cons of online banking.
7. WeLab Bank
This online bank is so successful that in a third of the month after its launch, it received 10,000 registration requests.
All transactions are completely online. Registration takes a few minutes, and in addition it is free. The bank offers various types of services, including deposits, instant payments, loans, and many others.
8. ZA Bank
This month, the agency announced that it uses Solace as a key element to protect its users' data. ZA Bank
This bank has been known for a long time, but it used to be called ZhongAn Virtual Finance. To become a full-fledged online bank, the institution received a license in March 2019. It was one of the first banks allowed by HKMA to provide virtual customer service.
Online banking cooperates with leading technology companies that help it offer the best screen solutions for its users, while complying with all national and international legal requirements.
The bank officially started its activity about a year ago and is considered to be the first online bank in its region.