The Last Virtual Bank in Hong Kong Launched

The Last Virtual Bank in Hong Kong Launched

by December 28, 2020
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Fusion Bank, Hong Kong’s virtual bank jointly owned by Tencent, Hong Kong Exchanges and Clearing, Hillhouse Capital and Perfect Ridge, has announced the full public launch of its banking services.

Previously known as Infinium Limited, the virtual bank had soft-launched in September 2020, making it the eighth and final virtual bank in Hong Kong to fully launch its services to the Hong Kong public.

Fusion Bank currently provides a variety of services including savings, time deposits, local fund transfer as well as foreign exchange in HKD, CNY and USD. Customers can make local payments in HKD and CNY on Fusion Bank mobile app with a Faster Payment System (FPS) QR code.


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In collaboration with WeChat Pay Hong Kong, Fusion Bank customers can use the bank account as a funding source for making payments via WeChat Pay HK, opening up an extensive network of local spending and cross-border payment.

Fusion Bank will also offer an interest rate of 5% per annum for three-month Hong Kong dollar deposits, capped at HKD38,000 during its promotional period.

Mr. Jim Lai, Vice President of Tencent and Chairman of Fusion Bank, said,

Jim Lai Vice President of Tencent and Chairman of Fusion Bank

Jim Lai

“Being the first virtual bank for customers to bind their bank accounts to WeChat Pay HK, Fusion Bank successfully connects with Tencent’s thriving ecosystem, not only creating strategic advantages for both Tencent and Fusion Bank, but also establishing an extensive network for local spending and cross-border payment for our customers.

 

This achievement fully reflects Fusion Bank’s competitive edge in developing innovative financial products and introducing new applications for financial services. Going forward, Fusion Bank will strive to create a platform that delivers delightful offers and extraordinary experiences, as well as harness the power of technology and the Internet to enhance our products and create value for our customers.”

Mr. Eric Sum, Chief Executive of Fusion Bank, said,

Mr. Eric Sum, Chief Executive of Fusion Bank

Eric Sum

“We are delighted to see smooth operation at Fusion Bank since our soft launch and have received positive feedbacks from various parties. The Bank’s collaboration with WeChat Pay HK marks our first step towards building an ecosystem of smart financial services.

 

Fusion Bank will capitalise on the strengths of our shareholders as well as different open banking initiatives, including Open API, to continuously optimise our products and services and enhance customer experience.”

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