Tired of high bank fees and unnecessary charges for just about everything? Consider switching over to a virtual bank. There are eight virtual banks that have obtained licenses to operate in Hong Kong, offering better interest rates on your savings, lightning-fast transactions and a raft of other treats. Keep reading for an overview of each bank and learn how you can join one.
Editor’s note: This article is intended for reference only. Before making any decisions, we encourage you to access the risks and consult a financial advisor if necessary.
Launched in September this year, Mox is a new virtual bank in Hong Kong backed by Standard Chartered, in partnership with HKT, PCCW and Trip.com. Mox delivers a suite of retail banking services as well as lifestyle benefits – all in one place.
How to sign up: Download the Mox app and start your free account. All you need is a HKID and a mailing address to experience a new way of banking
Referring to itself as Hong Kong’s first virtual bank, British banking and financial services giant ZA Bank boasts that it can open an account for customers within minutes. Committed to making banking as easily accessible as possible, it offers every one of its services through its dedicated app, designed to bring about a sleek user experience.
How to sign up: Download the ZA Bank app. Input your mobile number and email address, followed by verifying your identity with HKID. Enter and confirm residential address, occupation and tax information. Finish setting up your account by insert a username and password.
Jointly established by Xiaomi Corporation, global IoT leader, and AMTD Group, Asia’s leading comprehensive financial services conglomerate, Airstar Bank was granted a banking licence by the Hong Kong Monetary Authority (HKMA) in May 2019. Maintaining a philosophy of financial inclusion, Airstar Bank is also a member of the Deposit Protection Scheme. More recently in June 2020, Airstar Bank announced the official launch of its virtual banking services, which include savings account, time deposit and personal loan products.
How to sign up: Download the Airstar Bank app on various app stores and fill in basic information to start your account. Only Hong Kong tax residences aged 18 years old or above, with an HKID, are eligible to set up an Airstar Bank account. Not applicable to US persons.
Ant Bank is the banking off-shoot of its mother company, Ant Financial, and is affiliated with the multi-faceted giant tech firm Alibaba. One of the largest Fintechs in the world, Ant Financial was valued at an estimated £60 billion in 2017. One year later, the company launched a blockchain-powered cash remittance service that allows real-time cash transfers between Hong Kong and the Philippines.
How to sign up: Download the Ant Bank app on App Store or Google Play and fill in personal information to set up your account for free. A copy of your HKID is also needed.
Livi Bank offers a banking solution for people over the age of 18 who hold a valid Hong Kong ID card. It is backed by Bank of China (Hong Kong), Jingdon Digits Technology and Jardine Matheson Group. Priding itself on a secure, people-first approach, the bank offers a rewarding digital banking experience that caters to everyday requirements. A range of transfer options are available, including FPS real-time HKD, small value transfers, scheduled transfers, quick-save facilities from other accounts and FPS registration via mobile phone.
How to sign up: Download the Livi app and open your account for free. Enter essential information including address and HKID to set up the account. You will be notified through email, SMS or a phone call once it is ready.
Having obtained a virtual banking licence by the Hong Kong Monetary Authority in 2019, Fusion Bank announced its soft launch this September. During this initial period, the bank is offering personal banking services to 1,000 selected customers in preparation for a full launch of services to the public. The bank is jointly owned by five regional financial powerhouses including Tencent, ICBC (Asia), Hong Kong Exchanges and Clearing, Hillhouse Capital and Perfect Ridge (an investment entity backed by Adrian Cheng). Headquartered in Hong Kong, Fusion Bank is a member of the Deposit Protection Scheme. Eligible deposits (of up to $500,000 per depositor) taken by the bank are protected by the scheme.
How to sign up: Fusion Bank boasts a quick and easy account opening procedure that takes only about five minutes. Download the Fusion Bank mobile banking app via app store, available to Apple and Android users. From there, set up your account by filling in personal information and verify your identity using the app’s facial recognition technology.
One of the early challenger banks, WeLab was established in 2013 after a team of industry experts saw the need for better online banking facilities. WeLab offers an online lending experience, 24/7 banking support, a wide spectrum of financial products and operates a market-leading online credit platform. The bank has over 800 employees and claims to have serviced over 40 million users.
How to sign up: Download the WeLab Bank app and start up your account. Verify your identity with the HKID and residential address, then you’re all set.
Backed by one of China’s largest insurance company, Ping An Insurance, Ping An OneConnect Bank (PAO Bank) has launched a pilot programme for its services earlier this June under HKMA’s Fintech Supervisory Sandbox. The virtual bank currently offers retail and SME banking, asset management and investment banking for financial institutions. In June, the bank has pledged to approve loan applications worth up to $2 million within five business days (valid until December 31, 2020). If it failed to do so, it would pay the borrower a cash compensation of $1,000.
How to sign up: Download PAO Bank’s mobile banking app. To set up an account, first input and verify your mobile number. Then set up your username and password. Take three photos of your HKID for identity verification and take a selfie for biometric identification. Finally, input and confirm your personal data. For SMEs, download PAO Bank’s SME mobile banking app to use its ervices.