Virtual Banking

Ping An OneConnect Launches its Virtual Bank Pilot

Ping An OneConnect Bank (PAOB) announced its pilot trial under the Fintech Supervisory Sandbox (“FSS”) of the Hong Kong Monetary Authority (“HKMA”). PAOB is among the 8 virtual banks that have received a license from HKMA to operate. To date,

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Virtual Bank Airstar Fully Launches in Hong Kong with Up To 3.6% P.A Interest Rates

Airstar Bank today announced the official launch of its virtual banking services to the public which encompass savings account, time deposit and personal loan products. In March, Airstar Bank which is jointly operated by AMTD Group and Xiaomi launched their

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Temenos Bags Taiwan’s Virtual Bank as a Customer

Temenos, the banking software company, announced that Next Commercial Bank (Next Bank), has selected Temenos Transact to power its launch as one of Taiwan’s first virtual bank. Cloud-native, cloud-agnostic they said that Temenos Transact will deliver rich, pre-configured banking functionality

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Jetco Rolls Out Cross-Bank Cardless Withdrawal Service in Hong Kong

Joint Electronic Teller Services Limited (JETCO) today announced the rollout of Hong Kong’s first cross-bank cardless withdrawal service. Customers of participating JETCO member banks can take out cash instantly from any JETCO automatic teller machine (ATM) that supports this service

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Hong Kong Banks Lagging Behind in Openness to Apply New Tech Compared to Virtual Banks

Banks in Hong Kong are embracing fintech, with innovations relating to mobile banking, open banking (APIs), machine learning and predictive analytics, customer identification and authentication, and cloud computing, being commonly applied by over 40% to up to two thirds of

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Virtual Bank WeLab’s HK$10,000 Interest-Free Loan Opens For Application Today

Virtual banking operator WeLab announced today that its’ #HKCashDrop is open for application today, on a first come first serve basis. The initiative aims to deliver the HK$10,000 government subsidy in to the people’s hand immediately ahead of the proposed

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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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