Virtual Banking
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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Reports of the Death of Challenger Banks Are Greatly Exaggerated
Against the backdrop of the cacophony of noise and emerging trends in Asia, it’s difficult even for the keenest of observers to determine what trends will shape the future of fintech in Asia. On the 6th episode of Fintech Fireside
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Virtual Bank ZA Enters the SME Market
ZA Bank announced the launch of their business banking which they say leverages “ZME Revolving Loan”, an unsecured business revolving loan, to help small and medium-sized enterprises (SMEs) of various industries overcome business constraints. In their media statement, they said
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Virtual Bank ZA Has Gained 300k Users Ahead of Its 1st Year Anniversary
ZA Bank, one of Hong Kong’s eight virtual banks, announced that it has now gained 300,000 users in time for its upcoming first year anniversary. ZA Bank was the first to have a soft launch of its virtual banking services
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WeLab Raises US$75 Million in Funding Round Led by Allianz
Hong Kong-based virtual bank WeLab announced that it has completed the initial close of Series C-1 funding led by Allianz X for US$ 75 million. Allianz X is the digital investment unit of the Germany-based Allianz Group, one of the
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