Virtual Banking

Riding the Cloud to the Bank of the Future

Shifts in consumer behaviour towards digital services are resulting in monumental changes for the banking industry. Highly anticipated digital banking licenses will be awarded in Singapore and Malaysia this year, while the first of the winners of Hong Kong’s new

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WeLab Bank Takes Flight in a Pilot Trial with Interest Rates up to 4.5% P.A

WeLab Bank Limited  has commenced a pilot trial under the Hong Kong Monetary Authority’s (“HKMA”) Fintech Supervisory Sandbox (“FSS”). During the FSS phase, WeLab Bank will be offering banking services to selected individual users prior to an official launch to

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Ant Financial’s MYBank Reports Nearly Doubling of SMEs Served in 2019

MYbank, an online private commercial bank under Ant Financial Services Group, stated in its annual report released today that it has served 20.87 million small and micro businesses in China as of the end of 2019. As part of the

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Wolters Kluwer Bags ZA Bank as a Customer for Its Regtech Solutions

ZA Bank, the first virtual bank in Hong Kong, has chosen Wolters Kluwer’s OneSumX for Regulatory Reporting as its regulatory reporting software. Their media statement describes OneSumX for Regulatory Reporting combines bank data into a single source of data to

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Standard Chartered’s MOX Open’s its Virtual Banking Service to Select Customers

Mox is now available on an invitation basis to selected external customers, following its brand launch in March. Mox is among the 8 entities granted a virtual banking license by the Hong Kong Monetary Authority in 2019,it is backed by

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Hong Kong Based Neat Raises US$11M to Provide Digital Financial Services for SMEs

Neat, a Hong Kong-based fintech company offering modern financial solutions to SMEs and startups, today announced raising an $11 million USD Series A funding round. Pacific Century Group (PCG) led the round with participation from Visa, and MassMutual Ventures Southeast

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Xiaomi and AMTD’s Airstar Bank Launches Pilot Trial of Virtual Banking Service

Airstar one of Hong Kong’s new virtual banks, today announced the launch of a pilot trial which is conducted within the Fintech Supervisory Sandbox (“FSS”) of the Hong Kong Monetary Authority (“HKMA”). The pilot trial will offer virtual banking services

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ZA Bank Becomes First Virtual Bank to Fully Launch in Hong Kong

ZA Bank announced today that they are now a fully operational virtual bank with the launch of their ZA Go savings product, which according to them, enables customers to “grow their wealth in this ultra-low interest environment”. They further stated

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The Rise of Virtual Banks in Asia is Posing New Cybersecurity, Fraud Risks: Jumio

Across Asia-Pacific (APAC), regulators are opening up their markets to new entrants that promise to transform the traditional banking model. By leveraging digital platforms and cutting-edge technologies, virtual banks aim to offer more affordable and convenient banking services, and reach

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Standard Chartered’s Virtual Bank MOX Picks UK-Based Paymentology as Payment Processor

Shortly after Standard Chartered, PCCW, HKT and Trip.com unveiled its virtual bank MOX yesterday, UK-based Paymentology has come out to say that it is the cloud payment processor behind the new virtual bank Expanding into Asia and already working with

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