Virtual Banking

Over 45% of Individuals and 76% of SMEs in Hong Kong Have Virtual Bank Accounts

Virtual banks in Hong Kong have gained significant popularity in recent years, with over 45% of individuals and 76% of SMEs surveyed by the Hong Kong Association of Banks (HKAB) having an account. The survey also found that 30% of

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ZA Bank and Mox Bank Rank Among Top 10 Mobile Banking Apps in the World

ZA Bank and Mox Bank, two of the eight digital banks from Hong Kong, have ranked in the top 10 of Sia Partners’ 2023 Mobile Banking Benchmark, a global study of mobile banking apps. Sia ranked ZA Bank as 6th

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Privacy Commissioner’s Report Affirms ZA Bank’s Customer Data Protection Measures

The Office of the Privacy Commissioner for Personal Data (PCPD) has published an inspection report on the customers’ personal data system of ZA Bank, the first virtual bank in Hong Kong. ZA Bank was granted a virtual banking license by

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Mox Bank Appoints Home-Grown Talent Edwin Hui as COO

Hong Kong’s virtual bank Mox announced that it has promoted Edwin Hui as its Chief Operating Officer (COO), effective 1 July 2023. Mox said that he is the first home-grown senior executive to make it on to the C-level team.

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Mox Bags License to Roll Out Hong Kong and U.S. Equity Trading Services

Virtual bank Mox announced that it has obtained a Type 1 (dealing in securities) license from Hong Kong’s Securities and Futures Commission (SFC) to enable it to roll out Hong Kong and U.S. equity trading services. Mox will soon pilot

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livi bank and FWD Launches All-In-One Pet Insurance Offering

Hong Kong’s virtual bank livi has partnered with FWD General Insurance (FWDGI) to jointly launch a comprehensive pet insurance offering. Customers can easily apply for the Pet Care offering through the livi app. The insurance covers pet cats and dogs

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High Customer Costs a Drawback for Hong Kong’s Digital Banks Profitability

In the ever-evolving landscape of banking, even developed markets like Hong Kong face changing customer demands that traditional banks may struggle to meet. This has created an opportunity for digital banks to step in and offer highly personalized and digital

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ZA Bank Plans to Offer Crypto Trading for Its Retail Investors

Hong Kong’s virtual bank ZA said that it plans to introduce virtual asset trading services for retail investors under the city’s new licensing regime announced yesterday. By partnering with Hong Kong-licensed virtual asset exchanges, ZA Bank aims to obtain the

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Fintech Reaches Mainstream Adoption in Hong Kong with 94% Penetration

In Hong Kong, fintech is reaching mainstream adoption among consumers. Digital payments are becoming the norm in people’s daily lives, virtual banking and wealthtech are gaining rapid traction, and virtual assets are emerging as a legitimate new asset class that

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Ant Group Considers Selling Its Stake in Digital Bank Subsidiary

Chinese fintech giant Ant Group is mulling the sale of its stake in its Hong Kong-based virtual bank, according to Bloomberg, citing people familiar with the matter. The report added that the plans are still in preliminary stages as Ant

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