Virtual Banking
Most Consumers Still Prefer Incumbent Banks Over Virtual Banks and Neobanks
A recent report published by consulting firm EPAM Continuum outlined behaviors, expectations and motivations, with key findings suggesting that, despite recent innovations in financial services, the fundamental behavioral drivers of customers remain largely unchanged. The report surveyed 4,500 people across
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Hong Kong’s ZA Bank Selects Accuity’s Regtech Solution
Hong Kong based ZA Bank announced that it has selected Accuity, provider of financial crime screening, payments and counterparty know your customer (KYC) solutions. The virtual bank has implemented Accuity’s screening solution to improve customer experiences, and at the same
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Virtual Bank Livi Selects Wolters Kluwer’s Solution for Regulatory Reporting
Livi bank has selected Wolters Kluwer, American Dutch information services company, for its Regulatory Reporting solution to manage the bank’s regulatory reporting obligations. livi had recently launched its virtual banking app to Hong Kong customers. The bank is backed by
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What is the Game Plan for Hong Kong’s Virtual Banks?
In Hong Kong, virtual banking is bringing in new opportunities to serve the financially underserved, a segment new entrants including WeLab Bank, Airstar Bank and Mox by Standard Chartered, are actively pursuing. Despite being a leading financial center, Hong Kong’s
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Hong Kong’s Eight Virtual Banks: The Progress So Far
The Hong Kong Monetary Authority (HKMA) granted eight virtual banking licenses in the first half of 2019, and at the time, the regulator and the operators expected services to commence within the next six to nine months. Now more than
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Livi Bank Joins the Virtual Banking Race in Hong Kong
Livi Bank announced the launch of its virtual banking services, making it the fourth virtual bank open to public in Hong Kong. Livi was among the eight entities that were awarded the virtual banking license by the Hong Kong Monetary
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WeLab Bank Amasses Over 10,000 Applications Less Than 10 Days After Their Launch
WeLab Bank, a homegrown virtual bank licensed by the Hong Kong Monetary Authority, has amassed a total of over 10,000 applications since launching to the public less than 10 days ago. The demographic of their customers ranged between 18 to
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Nielsen: 82% of Customers Won’t Consider Loan Offerings from Virtual Banks
A study by Nielsen has found that consumers are quite wary of personal loan services despite being regarded as one of the popular market entry products for virtual banks. According to its Personal Finance Monitor that analyses customer’s perspective towards
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Homegrown WeLab Bank Fully Launches with 8% Cash Back on Debit Card Spending
WeLab Bank a homegrown virtual bank licensed by the Hong Kong Monetary Authority (“HKMA”) publicly launches their banking services to the millions of individuals in Hong Kong. This follows their earlier pilot trial in April 2020, where they invited approximately
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WeLab Bank Launches Numberless Debit Card with Mastercard
WeLab Bank, a homegrown virtual bank licensed by the Hong Kong Monetary Authority (HKMA), will launch a numberless bank card that is powered by MasterCard While WeLab Bank services are designed to be 100% operated from the mobile phone, a
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