Virtual Banking

Banking Consumers Want Financial Empowerment, Not Just Apps

Consumers don’t just want shiny apps and digital banking, they want to feel that their bank is a partner who can help them reach financial empowerment. That is the finding of a new ethnographic study by Finastra, which has gone

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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

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ZA and Mox Leading Hong Kong’s Virtual Banking Race, Capturing 70% of All Deposits

ZA Bank and Mox are leading Hong Kong’s virtual bank race, making up 70% of all virtual banking customer deposits as of the end of 2020, Reuters reported, citing the lenders’ annual reports. Hong Kong’s eight virtual banks accumulated total

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ZA Bank Kicks off Its Insurtech Offering With New Pure Life Insurance Product

Hong Kong’s virtual bank ZA Bank has joined hands with ZA Insure, a fully digital insurer under the ZA brand, to offer pure life insurance “ZA Life Protection” via the former’s mobile app. ZA Bank was granted an Insurance Agency

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Ant Group’s Digital Bank Doubles Down on Financial Inclusion in Rural China

MYbank, an online private commercial bank in China and an associate of Ant Group with a focus on serving rural areas and small and micro enterprises (SMEs), announced that it plans to more than double the number of rural counties

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ZA Bank Now Offers SME Loans up to HKD 18 Million

Hong Kong’s virtual bank ZA Bank is offering a financing guarantee facility of up to HKD 18 million called “ZME $18M Loan”. The product is a business revolving loan under the SME Financing Guarantee Scheme (SFGS) launched by the HKMC

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PAOB Hits Nearly Half a Billion Mark in Deposits Within 4 Months of Operations

Ping An OneConnect Bank (PAOB), one of Hong Kong’s eight virtual banks, has released its financial statement for the year ended on December 31, 2020. PAOB’s activities has grown steadily since its official launch in September 2020, with total income

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Airstar Bank Now Offers Foreign Exchange Trading Services

Airstar Bank, a virtual bank that began full operation in June 2020, has introduced a new foreign exchange (FX) service so that customers can capitalise on investment opportunities in the ever-changing global FX market. The virtual banks said in a

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Ping An OneConnect Bank Partners JETCO to Enable Cardless ATM Withdrawal

Ping An OneConnect Bank (PAOB) announced today they have partnered with JETCO to roll out cardless ATM withdrawal services. Through this partnership, PAOB customers will be able to withdraw cash from more than 1,700 JETCO ATM machines across Hong Kong.

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Virtual Banks Could Serve a Quarter of Hong Kong’s Population by 2025

By 2025, virtual banks could be serving a total of 1.9 million customers, or 24.9% of the Hong Kong population, and hold a combined revenue market share of 19.3%, estimates Quinlan and Associates. Though not insignificant, the consulting firm forecasts

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