Virtual Banking

Airstar Bank Pilots Corporate Banking Services for SMEs Through HKMA Sandbox

Airstar Bank, one of Hong Kong’s eight virtual banks, has launched a pilot trial of corporate banking services for SMEs through the Fintech Supervisory Sandbox administered by the Hong Kong Monetary Authority (HKMA).

At this stage, the pilot trial aims for greater participation to include SMEs from different sectors, allowing them to experience and enjoy the hassle-free and convenient banking services.

The pilot trial now is open to 100 SMEs, those who are interested to participate in the regulatory sandbox can register online at the Airstar Bank Corporate Banking SME Service website as trial users.

Applicants and connected parties holding a Personal Banking Account at Airstar Bank can open a Streamlined Corporate Account via remote onboarding. Airstar claims to be the first virtual bank to offer this remote onboarding service.

Apart from this, SMEs will receive full waivers of account opening fee and monthly management fee. To allow for more flexibility, the Streamlined Corporate Account at Airstar Bank has no minimum balance requirement.

All participants in the pilot trial are entitled to a 1% p.a. interest rate for the first HKD 1 million placed at savings deposit account between the start of the trial period until 31 December 2021.

Additionally, SMEs participating in the trial can earn more than HKD 6,000 in interest and an extra reward of HKD 1,000 upon successful Corporate Internet Banking Services activation and completion of particular fund transfers with Airstar’s Corporate Account.

Apart from savings deposit service, Airstar Bank is vigorously developing a brand new SME loan product to enhance current market practice and address the financing pain points of enterprises.

The Airstar Bank Corporate Banking Service will come into full operation soon, with more features and services in the pipeline.

Ronald Iu

Ronald Iu, Chief Executive of Airstar Bank commented,

“We fully understand the challenges that Hong Kong’s 340,000 SMEs are facing.

To address their pain points, we are launching our Streamlined Corporate Account service, allowing SMEs to open a bank account remotely and enjoy the benefits of financial technologies and financial inclusion.”

Featured image: Ronald Iu, Chief Executive of Airstar Bank