8 Virtual Banks in Hong Kong: How Do They Compare?

As an international financial centre ranked 4th in the Global Financial Centres Index, Hong Kong never has a shortage of banking options. * * This includes not only traditional banks but also modern alternatives like virtual banks. 

These virtual banks are reshaping the banking landscape by offering accessible, cost-effective services, focusing on digital platforms.

If you're interested in exploring virtual banking in Hong Kong and wondering which options are available, this article is for you. We’ll take a closer look at all the virtual banks in Hong Kong, analysing their key features, fees, and other important details to give you all the information to choose the right virtual bank for your needs.

In Hong Kong, a virtual bank is a fully licensed and regulated financial institution that operates without physical branches. To offer services, these banks must obtain a license from the Hong Kong Monetary Authority (HKMA) and are held to the same regulatory standards as traditional banks.

Here are some facts about virtual banks in Hong Kong*

• The first virtual banking license in Hong Kong was issued in 2018.
• Virtual banks are under the regulation of the Hong Kong Monetary Authority (HKMA).  
• Licensed virtual banks in Hong Kong are members of the Deposit Protection Scheme (DPS). The Scheme generally protects each depositor's combined deposits with a member bank up to a limit of HKD 800,000. * *
• According to the regulation, the banks are meant to be primarily concerned with retail banking.
• They are obligated to accept all interested clients without setting any minimum account balance.
• They are also required to have a physical head office in Hong Kong even if they don’t have branches.

In 2023, a survey commissioned by the Hong Kong Association of Banks found that 70% of individuals and over 90% of SMEs viewed virtual banks as convenient and beneficial. For individuals, 63% used them for deposits or savings and 49% for credit or debit cards. Among SMEs, 38% used them for deposits or savings, 28% for investments, and 28% for money transfers. *

Traditional Online Banking vs. Virtual Banking

The main difference between traditional online banking and virtual banking is the physical presence of branches. Online banking refers to traditional banks extending their services to digital platforms in addition to their physical branches, while virtual banking operates exclusively online without physical locations. 

Almost all traditional banks nowadays offer online banking because it benefits both customers and the bank. Customers save time by completing transactions in minutes from home, instead of spending hours at the bank waiting in line. Online banking also enhances privacy and security. This means you don’t have to worry about walking across town with large sums of cash for transactions. 

For banks, online banking saves business time and money by removing routine and trivial tasks, allowing staff to focus on more strategic, competitive priorities.

There are 8 virtual banks licensed in Hong Kong. These are: 

1. ZA Bank
2. Airstar Bank
3. WeLab Bank
4. Livi Bank
5. Mox Bank
6. Ant Bank
7. PingAn OneConnect Bank
8. Fusion Bank

Many virtual banks only offer services targeted to individuals or for personal banking purposes. In addition, there is a high chance of limited personalised support, no multi-currency business accounts, or targeted features that cater to businesses or Small and Medium Enterprises (SMEs).

Let’s get to know each virtual bank in Hong Kong.

ZA Bank Limited was established by ZhongAn Technologies International Group Limited ("ZA International"), and they were the first virtual bank to operate fully in Hong Kong in March 2020. 

They provide online accounts for permanent and non-permanent residents of Hong Kong. However, the eligibility requirements may vary depending on whether you want to open a personal or business account.

In 2024, ZA Bank was recognised as one of the Top 15 Digital Banks in Asia by Fortune Fintech Innovators Asia, Virtual Bank of the Year by the Asset Triple A Digital Awards, and SME Digital Innovation of the Year by the ABF Retail Banking Awards. * *

One of the latest additions to ZA Bank's services is stock and crypto trading. In fact, ZA Bank became the first bank in Asia to offer cryptocurrency trading services directly to retail users.*

According to the ZA Bank website as of January 2025, the virtual bank served more than 800,000 users on its platform, which makes it the largest virtual bank in Hong Kong in terms of user base.

Important Details about ZA Bank Limited

• Launch date: 24 March 2020
• Type of accounts offered: Personal accounts, business accounts
• Cards: Physical and virtual Visa debit card
• Other services: Insurance, tax loans, car loans, Salary FastPass, small business loans, stock, crypto trading.
• Eligibility criteria for individuals: The applicant must be 18 or older, hold a valid HKID or a valid People's Republic of China Resident Identity Card, valid Exit-Entry record, and a Hong Kong or China mobile number. Visitors need to be in Hong Kong to open an account.
• Eligibility criteria for companies: Companies have to be established and incorporated in Hong Kong, the company's director has to be in Hong Kong and present for a face-to-face meeting, and all signatures must be done in front of ZA Bank.
• Time for opening an account: As fast as 2 minutes for a personal account. We cannot find information for a business account.
• Channels of contact: Customer enquiry hotline +852 3665 3665, email Bank.opinion@za.group, website live chat.
• Customer service hours: 24/7 via hotline and online channels.

ZA Bank Account Key Features

✅​ HKD, USD, and CNY are supported currencies

✅​ Local funds transfers and payment services (FPS/CHATS)

✅ Inbound and outbound overseas transfers in HKD, CNY, and USD 

✅ 24/7 time deposit in HKD, CNY and USD

✅ Batch payment in HKD, CNY, and USD

✅ Currency exchange services

✅​ Small business loan up to HKD 4,000,000

✅ Express and online business account opening if all parties in the company have HKID and are tax residents of Hong Kong, with no more than three partners

✅Accounts available for startups, even if the business has been operating for less than a year

ZA Bank Fees

ZA Bank charges 2% + Wise fee for outward remittance on personal accounts, with most other personal deposit and transfer fees waived, except for early withdrawal and HKD 120 per month in case of failed transaction due to insufficient balance in that month.

For business accounts, ZA Bank provides more detailed fee structures, which we will now focus on. Here are the other ZA Bank business banking fees:

Airstar Bank is the second virtual bank to commence operation in Hong Kong and they are a subsidiary of Xiaomi Corporation. 

Airstar Bank offers services for both personal and corporate clients. Corporate clients can sign up for Airstar Bank's "Stellar Corporate Banking Services" to access business banking services. For a personal account, sign up via the Airstar Bank mobile app on Apple's App Store or Google Play.

Airstar Bank has recently received several prestigious awards in 2024, including the Excellence in FinTech Virtual Bank at the HKET Excellence Awards, the Digital Business Banking Initiative of the Year - Hong Kong at the ABF Retail Banking Awards, and the Hong Kong Emerging Service Brand Award from the Hong Kong Brand Development Council & The Chinese Manufacturers' Association of Hong Kong.

As of January 2025, Airstar Bank's latest feature offers one-click currency exchange and remittance to Mainland China. *

Important Details About Airstar Bank 

• Launch date: 11 June 2020
• Type of accounts offered: Personal accounts, corporate accounts
• Cards: Visa Platinum credit card
• Other services: Personal loan, debt consolidation loan, instant transfer, foreign exchange
• Eligibility criteria for individuals: Aged 18 years old or above, hold an HKID or a non-permanent identity card and have a valid residential address in Hong Kong or Mainland China.
• Eligibility criteria for corporate banking: The applicant and the connected parties are required to have a personal banking account with Airstar Bank.
• Time for opening a corporate account: As fast as 48 hours
• Time for opening a personal account: As fast as 5 minutes for Hong Kong residents. Visitors are required to be in Hong Kong during the application.
• Channels of contact: Banking hotline at +852 3718 1818, customer opinion hotline at +852 3961 3973, email enquiry@airstarbank.com, contact within the mobile app
• Customer service hours: 24 hours via banking hotline, Monday to Friday (excluding public holidays) from 9 am to 5 pm via customer opinion hotline.

Airstar Bank Account Features

✅​ HKD, USD, and CNY are supported currencies

✅​ Multi-currency account, savings account and time deposit account

✅​ Local funds transfers and payment services (FPS/CHATS)

✅​ Real-time FX service for HKD, USD, and CNY

✅Remittance to China with no intermediary fees. Funds can be received within one hour. Limits applied. 

✅ Support for payments to Weixin Wallet or Weixin-linked bank accounts. Limits applied. 

✅ The Airstar Bank Visa Platinum Card offers mobile-based activation, global ATM withdrawals, 24/7 account management, and Apple Pay support

Airstar Bank Fees

WeLab Bank, owned by the Hong Kong fintech company WeLab Limited, was the third bank in Hong Kong to receive a virtual banking licence. 

WeLab Limited has been providing financial services in China and Indonesia since 2013. It expanded into the Hong Kong Fintech market to provide virtual banking in 2019. They entered Hong Kong with its experience and its huge capital base, acquired in its services in Asia.

As a virtual bank, WeLab Bank provides all of its services on its app, and it only has an office in Hong Kong for its customer support team. To download WeLab Bank's application, visit the Apple App Store or Google Play Store.

WeLab's latest award in 2024 includes the AI & Machine Learning Initiative of the Year - Hong Kong, issued by ABF Retail Banking. *

The bank has also recently introduced new features that allow users to invest in USD FX Time Deposits, as well as funds and dividend funds, providing more flexible investment opportunities for its clients.

Important Details About WeLab Bank

• Launch date: 30 July 2020
• Type of accounts offered: Personal accounts only
• Cards: Mastercard® debit card, physical and virtual 
• Other services: Personal instalment loan, card debt consolidation loan, digital wealth advisory, foreign exchange and insurance services.
• Eligibility criteria: Individuals must be aged 18 years or above, hold an HKID or identity card of China, be physically in Hong Kong, have a Hong Kong or Mainland China mobile number, and have a Mainland China or Hong Kong residential address. 
• Time for opening an account: Minutes for Hong Kong residents and Mainland Chinese visitors in Hong Kong via online account opening. 
• Channels of contact: Call +852 3898 6988 or email at wecare@welab.bank 
• Customer service hours: Monday to Sunday, from 9 am to 10:30 pm

WeLab Bank Account Features

✅​ HKD supported currency

✅​ Local funds transfers and payment services (FPS/CHATS). Transfers to any bank in Hong Kong via FPS at no cost.

✅​ Local inward and outward transfers in USD

✅ USD time deposit and savings

✅​ FPS QR Code & bill/merchant payments

✅​ Global remittance services available

✅ Access to curated mutual and dividend funds with competitive fees and simplified portfolio management

WeLab Bank Fees

Livi Bank is a virtual bank in Hong Kong backed by Jingdon Digits Technology, Bank of China (BOC) Hong Kong, and Jardine Matheson Group. Currently, Livi Bank provides a business account service called "Livi Business" and a personal account service called "Livi Personal." To register an account online, you must download the Livi app from the Apple App Store or Google Play Store.

In 2022, Livi Bank reported more than 200,000 users on their platform. By the end of 2023, Livi customer deposits amounted to HKD 2.2 billion. *

In late 2024, it was reported that Livi Bank would implement federated learning technology to strengthen its anti-money laundering efforts. * The bank also reported HKD 4.9 billion in assets in its 2024 interim report, reflecting regional growth. *

Important Details About Livi Bank

• Launch date: 12 August 2020
• Type of accounts offered: Personal accounts, business accounts
• Cards: Partnered with BOC Mastercard® debit cards
• Other services: Personal loans, balance transfer loans, business instalment loans, QR cash withdrawals, QR payments, and insurance for pets, home, and travel.
• Eligibility criteria for individuals:  Individuals must be aged 18 years or above, hold an HKID, be physically in Hong Kong, have a Hong Kong mobile number, and have a Hong Kong residential address.
• Eligibility criteria for companies: Registered Hong Kong business, single-layered sole proprietorship, partnership, or limited company, with all account users holding an HKID or mainland resident identity card and the liviSave account.
• Time for opening an account: Within a day to a few days
• Channels of contact: Live chat on the Livi app (for registered customers only), feedback page on the Livi app (for registered customers only), email livicare@livibank.com, call (+852) 2929 2998 or (+86) 4001200099.
• Customer service hours: Monday to Friday, from 9:00 am to 10:00 pm; Saturday, Sunday, and public holidays, from 9:00 am to 6:00 pm.

Livi Bank Account Key Features

✅​ HKD, USD, and CNY are supported currencies

✅​ Local funds transfers and payment services (FPS/CHATS)

✅ Instant USD transfers via RTGS

✅ Business instalment loan with digital application, up to HKD 8,000,000 with flexible repayment terms 

✅ Saving account and time deposit with fixed-tiered interest rates

✅ “QR Cash” cardless ATM withdrawal

✅ Small-value and scheduled transfers available

Livi Bank Fees

Livi Bank has different pricing for personal and business bank accounts. Most fees for personal accounts related to deposits and transfers are waived, except for an outward remittance fee of HKD 50 or CNY 45 per transaction. Please refer to their website for personal account fees & charges.*

Below are the Livi business banking fees:

Mox Bank, backed by Standard Chartered in partnership with HKT, PCCW, and Trip.com is a virtual bank that provides many retail banking services for personal account users, including credit cards, savings, loans, cashback rewards, and more.

According to their website, Mox is the top-rated virtual banking app for Hong Kong in the Apple App Store. Lastly, Mox reported that they have over 620,000 real users on their platform.

They received recognition as the best digital-only bank in Hong Kong in 2023 by The Asian Banker.*

Important Details About Mox Bank

• Launch date: 22 September 2020
• Type of accounts offered: Personal accounts only
• Cards: Debit and credit Mastercard®, physical and digital, a numberless card *
• Other services: Loans, foreign exchange, split your purchase, pay bills, personal investment tools.
• Eligibility criteria: Individuals must be aged 18 years or above, hold an HKID, be physically in Hong Kong, have a Hong Kong mobile number, and have a Hong Kong residential address.
• Time for opening an account: Within a day to a few days
• Channels of contact: Hotline +852 2888 8228, email care@mox.com, in-app chat, voice call, online form, postal mail
• Customer service hours: We cannot find the information 

Mox Bank Account Key Features

✅​ HKD supported currency

✅​ Local funds transfers and payment services (FPS/CHATS)

✅ Convert between 10 currencies, including HKD, AUD, CAD, CNY, EUR, GBP, JPY, NZD, SGD, and USD  

✅ Time deposits starting from HKD 1 for up to 24 months or USD 1 for up to 3 months

✅ Smart Borrowing feature to apply for loans directly within the app

✅Trade US stocks, including fractional and whole shares, with flexible investment amounts. You can invest in both share-based and dollar-based options.

✅Split your purchases and statements into smaller amounts

✅Switch between Mox Credit and your Mox Account (debit) on the same Mox Card. 

✅Send worldwide money transfers thanks to Mox's partnership with Wise

Mox Bank Fees

Ant Bank is another early contender in the virtual banking space, launching its services in Hong Kong in 2020. It is owned by an affiliate of the Chinese conglomerate Alibaba Group, which also owns the Alipay payment platform, the world's largest mobile payment platform. Recently, Ant Bank has reported significant growth across its four main business pillars: Alipay+, Antom, WorldFirst, and Embedded Finance. *

Ant Bank currently provides personal and business account services in Hong Kong. Their corporate banking account offers features such as dual currency accounts (HKD and USD) for savings and fund transfers and zero cost to apply for loans. Ant Bank's personal accounts also provide attractive loan options for their users.

Important Details About Ant Bank

• Launch date: 28 September 2020
• Type of accounts offered: Personal accounts, business account
• Cards: We could not find any information 
• Other services: Personal loan, instalment loan, business loan, investment fund, pay later, insurance
• Eligibility criteria for individuals: Individuals must be aged 18 years or above, hold an HKID, be physically in Hong Kong, have a Hong Kong mobile number, and have a Hong Kong residential address. Business clients must be registered and operated in Hong Kong for over a year.
• Eligibility criteria for companies: Sole proprietorships, partnerships, and limited companies that are registered and have been operating in Hong Kong for over a year. The primary ultimate beneficiary owner must have an HKID and proof of residential address.
• Time for opening an account: Anywhere from 1 day to a few days after submitting all the required documents
• Channels of contact: Call +852 2325 0303 or email customeropinion@antbank.hk
• Customer service hours: Monday to Friday, from 9 am to 6 pm, excluding public holidays.

Ant Bank Account Features

✅​ HKD supported currency

✅​ Dual currency account supporting HKD and USD savings and fund transfer

✅​ Transfer Limit - HKD 200,000

✅​ Local funds transfers and payment services (FPS/CHATS)

✅ Unsecured lending up to HKD 5,000,000

✅ Pay later function

✅ Multiple deposit options with a self-designated maturity date, a minimum deposit of HKD 1, and supports HKD/USD deposits

Ant Bank Fees

Ping An OneConnect Bank (PAOB) is a subsidiary of OneConnect Financial Technology Co., Ltd and a member of Ping An Insurance (Group) Company of China, Ltd. It began offering virtual banking services in Hong Kong in 2020. 

PAOB offers services for both personal and business clients, with the majority of its offerings focused on savings and loan products accessible online through the PAOB app.

In 2024, Ping An OneConnect Bank (Hong Kong) Limited underwent an official name change to PAO Bank Limited and now operates under the name "PAObank". *

PAOBank has received multiple awards in 2024, including "Best Bank for SMEs in Hong Kong" by Euromoney, "Best Digital SME Financing" by The Asian Banker, the "Best SME's Partner Award" in 2024 and more. * *

Important Details About PAObank

• Launch date: 29 September 2020
• Type of accounts offered: Personal accounts, business accounts
• Cards: Not specified 
• Other services: Trade-connect loan, electronic fast loan, business installment loan, business short-term loan, and various other loan types.
• Eligibility criteria for individuals: Hong Kong citizen aged 18 or above, with a valid HK Identity Card, Hong Kong phone number and residential address, and not a U.S. resident or Green Card holder.
• Eligibility criteria for businesses: Companies have to be established and incorporated in Hong Kong. 
• Time for opening an account: Within a day to a few days
• Channels of contact: Call +852 3762 9900 or email at paob_cs@pingan.com
• Customer service hours: 24 hours, excluding public holidays

PAObank Account Features

✅​ The business account supports HKD

✅ FPS transfer

✅Savings account and time deposit with the same interest rate for all deposit amounts

✅ Various business loans, such as trade-connect loans, eFast, and business revolving loan

✅Mobile account opening

✅Instant bank transfer

PAOB Fees

PAOB waives transfer and account-related fees for both personal and business accounts.. Instead, the bank generates profit through its various loan services, with interest rates that vary based on the specific product, loan amount, and the individual or business's circumstances.

Fusion Bank Limited is a virtual bank established in 2020, just like other virtual banks on this list. 

It is a joint venture set up by businessman Adrian Cheng, the owner of Perfect Ridge Limited, in partnership with other companies, including the Industrial and Commercial Bank of China Limited, Hong Kong Exchanges and Clearing Limited, Tencent Holdings, and Hillhouse Capital.

Currently, Fusion Bank provides both personal and business banking accounts. Furthermore, they are the first Hong Kong virtual bank to apply self-developed AI eKYC technology (Co-developed by Tencent Cloud and Fusion Bank), reducing user application time. Applications are 100% online, and users can download the Fusion Bank App to sign up. *

In January 2025, it partnered with WeBank, Mainland China’s first digital bank, to strengthen its offerings. *

Important Details About Fusion Bank

• Launch date: 21 December 2020
• Type of accounts offered: Personal accounts,  business bank accounts
• Cards: Not specified 
• Other services: Personal loans, business instalment loans, SME loans, car loans, investment products, remittance services, foreign exchange services.
• Eligibility criteria for individuals: Individuals must be aged 18 years or above, hold an HKID, non-US person. Visitors must be physically in Hong Kong to open an account.
• Eligibility criteria for businesses: Hong Kong-registered sole proprietorships, partnerships, or limited companies with single-layer ownership, and all connected parties must hold a HKID and Fusion Bank personal account(s).
• Time for opening an account: Within a day to a few days
• Channels of contact:
  Personal banking hotline: +852 2111 2688
  Business banking hotline: +852 3187 1333
  Customer feedback hotline: +852 3976 6658
  Email at: CustomerService@fusionbank.com
• Customer service hours: 24/7 via banking hotlines, Monday to Friday from 9 am to 5 pm via customer feedback hotline

Fusion Bank Account Key Features

✅​ HKD, USD, and CNY are supported currencies

✅ Business account that combines savings and time deposit accounts in Hong Kong Dollar (HKD), Renminbi (CNY), and US Dollar (USD)

✅​ Local funds transfers and payment services (FPS/CHATS)

✅ Remittance services 

✅ Business loans of up to 5 million HKD, no collateral required

Fusion Bank Fees

Fusion Bank personal accounts waive most fees, except for cross-border payments. Below is a detailed breakdown of fees specific to business bank accounts.

For detailed fee information, you can view all bank charges in the Fusion app once you have an account with them.

There are 4 key considerations you should keep in mind when choosing a virtual bank in Hong Kong:

• Intuitive App & Website: Since virtual banks operate entirely online, a user-friendly mobile app and website are crucial. A seamless interface allows for easy account management, smooth transactions, and a frustration-free banking experience.
• Reliable Customer Support: The lack of physical branches makes responsive customer support extremely important. Look for virtual banks that provide different ways to get help, like phone, chat, or email.
• Features Tailored to You: Virtual banks have different offerings than traditional banks. Some may focus solely on personal accounts, while others cater only to businesses. Identify your banking needs and choose a provider that offers all the features that matter most to you.
• Fee Structure: While virtual banks often have lower fees than traditional counterparts, it's still important to compare. Look for affordable transaction fees and compare foreign exchange rates if you anticipate handling multiple currencies.

Statrys is not a bank but a financial institution holding a Money Service Operator licence in Hong Kong. Statrys' mission is to bridge the gap between technology and people by developing the most functional payment services on the market while providing personalised support for each client.

Statrys currently provides services to over 3,500 SMEs across 70+ countries and continues to provide the best customer support, with a Trustpilot score of 4.5 out of 5.

Today, Statrys provides multi-currency business accounts to small—and medium-sized businesses registered in Hong Kong, Singapore, and the BVI. Businesses can open an account remotely, even outside of Hong Kong.

Important Details About Statrys

• Launch Date: 2019
• Type of accounts offered: Business Accounts
• Cards: Virtual and Physical Mastercard® prepaid cards
• Other services: Foreign Exchange, Hong Kong and Singapore Company Registration, and Invoicing Software
• Eligibility criteria: Companies must be registered in Hong Kong, Singapore, or the BVI.
• Time for opening an account: 85% of the approved clients have their accounts opened in less than 48 hours.
• Channels of Contact: Customer enquiry hotline at +852 5803 2818, WhatsApp +852 6452 3564, email support@statrys.com, live chat on the website, and WeChat
• Customer service hours: Monday to Friday, from 10 am to 7 pm Hong Kong time

Statrys Account Key Features

✅ A multi-currency business account in Hong Kong with 11 currencies, including HKD, RMB, AUD, CAD, CHF, EUR, GBP, JPY, NZD, SGD, and USD

✅Local payment in 12 currencies, including AUD, USD, THB, VND, INR, EUR, GBP, PHP, SGD, IDR, TRY, KRW

✅ International payments via SWIFT

✅ Virtual and physical payment cards for more flexibility in making payments

✅ FX services at competitive exchange rates (spot and forward contracts)

✅ Integrations with Xero accounting software and popular marketplaces

✅ A dedicated account manager for every client

Statrys Fees