Virtual Banking

Taiwan’s Digital Banks Will Struggle to Turn a Profit, Says Consulting Firm

Despite showing potential to address market needs and foster innovation in the banking sector, Taiwan’s new digital banks still have a long road ahead to reach profitability amid a saturated retail banking market and limitations in the services they are

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livi Bank Rolls Out In-App Travel Insurance Offering

Hong Kong’s digital bank livi bank announced the launch of its travel insurance offering, first general insurance product, in time for the relaxation of the quarantine rules in the country. The ‘Travel Now’ plan covers medical expenses, trip cancellations and

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WeLab and Astra Finalises 99% Stake Acquisition in Indonesia’s Bank Jasa Jakarta

Hong Kong digital bank WeLab and Indonesian conglomerate Astra International have completed their acquisition of commercial bank Bank Jasa Jakarta (BJJ) after receiving regulatory approval. The acquisition was led by WeLab-led consortium’s WeLab Sky which is backed by investors such

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Rise of Super-Apps Puts Pressure on Incumbents

In Asia, bigtechs and new digital banking challengers are rapidly gaining ground, forcing incumbent banks to rethink their business strategy and become a part of the super-app ecosystem, a new report by Finextra, in association with Infosys Finacle and OneSpan,

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WeLab Officially Launches Its Digital Wealth Advisory Solution

Hong Kong’s virtual bank WeLab announced that it has launched its digital wealth advisory solution, GoWealth Digital Wealth Advisory (GoWealth). Customers can now kick start their personalised investment plan from HKD100. In April this year, WeLab was granted Type 1

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Astra and WeLab to Acquire Close to 50% Stake in Indonesian Digital Bank Jasa

Indonesian conglomerate PT Astra International through its subsidiary PT Sedaya Multi Investama (SMI), together with Welab Sky, a consortium led by Hong Kong digital bank WeLab, plans to jointly acquire Indonesia’s PT Bank Jasa Jakarta (BJJ). As of last year,

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China Leads 2022 Ranking of Top Digital Banks in Asia-Pacific

China’s WeBank, MYBank and Suning Bank were named the top three leading digital-only banks in Asia-Pacific (APAC), recognized for their growth and success by The Asian Banker’s inaugural ranking of the world’s leading digital banks. The Global Top 100 Digital

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livi Launches Futuristic Rabbit-Themed NFT “Mochi” to Mark Its 2-Year Anniversary

Hong Kong’s virtual bank livi is marking its second anniversary with the launch of NFT artwork collectibles “Mochi” that will be its new icon. According to livi, Mochi has “travelled from the future to 2022 to scout for like-minded individuals

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WeLab Bank Granted License to Offer Digital Wealth Advisory Services

Virtual bank WeLab has been granted a license from the Hong Kong Securities and Futures Commission (HKSFC) to offer digital wealth advisory services. Having obtained the Type 1 (dealing in securities) and Type 4 (advising on securities) licenses, WeLab had

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Livi Bank Now Offers Instant Personal Loans up to HK$1 Million

Hong Kong’s virtual bank livi announced that it has launched its personal loan offering from HK$10,000 up to HK$1,000,000. The livi Flexi Loan is fully automated and available 24/7 where approvals reportedly takes about 2 minutes after which the funds

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