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

Hong Kong is a global financial hub and breeding ground for innovation. This is especially true when referring to businesses offering innovative financial services that make banking easier for individuals and businesses. 

Online banking used to be one of those innovative features that were only offered by traditional banks. Now, there's competition in the form of virtual banks. 

This article will highlight some key differences while introducing the 8 virtual banks currently available in Hong Kong.  

What is a Virtual Bank?

Unlike traditional banks, a virtual bank offers all its services online. This means that there are no physical branches for in-person service. However, despite having no physical branches or in-person services, the safety and security of virtual banks are top-class, perhaps even safer than physical locations.

This is because virtual banks have their own security mechanisms that differ from those you see in traditional banks, such as high-tech encryptions, authentications, digital certificates, and secure email protocols.

With virtual banks, it is possible to perform almost all the major banking services that are available at any of your conventional banks. This is through a banking app or by accessing the virtual banks' own website. 

Fintech eliminates the need and cost of renting a banking hall, reducing the need for human labor to provide in-person customer support.  

You may have heard some other common terms thrown around that sound similar. Virtual banks are also referred to as neobanks, online banks, or branchless banks. 

🔍Insight: Each virtual bank has different requirements to open a business account. To learn more about this topic, we recommend reading our "Opening a Business Bank Account in Hong Kong" guide.

Traditional Online Banking vs. Virtual Banking

Almost all traditional banks have features for online banking. This is because online banking creates many advantages for both the bank and its customers. 

Firstly, it saves customers the stress of visiting the bank to conduct many different financial transactions. Financial tasks that once could take an hour or two out of one's day now only take a few clicks on a computer's enter button. 

Secondly, banking online makes managing your finances more private. This means you don’t have to worry about walking across town with large sums of cash for transactions. 

From the bank's perspective, giving customers the ability to bank online saves business time and money. By eliminating trivial financial tasks from everyday responsibilities, staff can work on more strategic tasks that focus on keeping an institution competitive. This is just a snippet of why online banking is a great feature for traditional banks, but what is the difference between them and virtual banks? 

Virtual banks not only allow online banking; that is, in fact, all that they do. This means that online banking is more than just a feature but a standard.

How Did Virtual Banking Start in Hong Kong?

Virtual banking started as an innovative solution to some of the pitfalls and restrictive processes offered by traditional banks.

Here are some facts about the evolution of virtual banking in Hong Kong specifically:  

• 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).
• 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.

While virtual banks only came about in 2018, digital payment solutions have existed concurrently in Hong Kong and provide similar services. Digital payment solutions are a different alternative to traditional banks and virtual banks. 

What Virtual Banks are Available in Hong Kong?

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.

On top of this, there is a high chance of limited personalized support, no multi-currency business accounts, or targeted features that cater to businesses or Small and Medium Enterprises (SMEs). Without further ado, let’s get to know each virtual bank in Hong Kong.

1. ZA Bank

ZA Bank Limited was established by ZhongAn Technologies International Group Limited ("ZA International") and they are the first virtual bank to fully operate in Hong Kong in March 2020. They provide online accounts for Hong Kong residents and visitors in Hong Kong, but the eligibility requirements may vary depending on if you want to open a personal or business account.

According to the latest market data as of 30 June 2023, ZA bank has approximately 700,000 users on its platform, which makes it the largest virtual bank in Hong Kong in terms of user base.

As of 23 November 2023, ZA Bank has received regulatory approval to prepare for the U.S. stock trading service launch, which will allow their users to access investment opportunities from stocks and ETFs in the U.S. markets. Furthermore, ZA Bank is the first virtual bank in Hong Kong dedicated to "Banking for Web3," with ZA Bank opening an operating account for OKX Hong Kong.

Lastly, ZA Bank was recognised as “Virtual Bank of the Year – Consumer (Hong Kong)” in The Asset Triple A Digital Awards 2023.

• Launch Date: 24 March 2020
• Type of Accounts: Personal Accounts, Business Accounts
• Cards/Services: Physical and Virtual Visa Debit Card, Insurance, and Loan Services
• Channels of Contact: Customer Enquiry Hotline, Email, Website Live Chat

Important Details about ZA Bank Limited

Eligibility Criteria: Companies have to be established and incorporated in Hong Kong, the director of the company has to be in Hong Kong and present for a face-to-face meeting, and all signatures have to be done in front of ZA Bank

Time for opening an account: Information not available

Account features:

✅​ HKD, USD, and CNY are supported currencies

✅​ Business installment, revolving term loan services available for registered clients only

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

🔎 If you want to learn more about ZA Bank's application process. Read our guide on how to open a ZA Bank Account

2. Airstar Bank

Airstar Bank is the second virtual bank to commence operation in Hong Kong in June 2020 and they are a subsidiary of Xiaomi Corporation. Their banking license was granted by the Hong Kong Monetary Authority on 9 May 2019. They aim to become the "Bank for Everyone" by making virtual banking services accessible to customers. Currently, Airstar Bank provides services for both personal and corporate clients.

For corporate clients, they can sign up for Airstar Bank's "Stellar Corporate Banking Services" to access business banking services. For personal account clients, you can sign up on their app on your mobile on Apple's App Store or Google Play.

Currently, Airstar Bank Limited is part of the Deposit Protection Scheme, which means that deposits with Airstar Bank are protected up to a limit of HK $500,000 per depositor.

• Launch Date: 11 June 2020
• Type of Accounts: Personal Accounts and Corporate account
• Cards/Services: Loan Services and Foreign Exchange
• Channels of Contact: 24hr Customer Enquiry Hotline, Email

Important Details About Airstar Bank

Eligibility criteria: Aged 18 years old or above, have an HKID holder, Hong Kong tax residence only - Non-US person

Time for opening a corporate account: As fast as 48 hours

Time for opening a personal account: As fast as 5 minutes

Accounts features:
✅​ HKD, USD, and CNY are supported currencies

✅​ Savings Accounts - you can withdraw the account balance when you need it

✅​ Time Deposit - you can put money aside for a specified period of time to enjoy a fixed interest rate that is locked in

✅​ Transfer Limit - HKD 10,000 (small value transfer FPS), HKD 100,000 (non-registered bank account), HKD 500,000 (registered bank account)

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

3. WeLab Bank

WeLab Bank was the third bank in Hong Kong to be given a virtual banking license in 2019. It is owned by Hong Kong fintech company WeLaB Limited. 

WeLab Limited has been providing financial services in China and Indonesia since 2013; however, it ventured 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 their Apple App Store or Google Play Store.

• Launch Date: 30 July 2020
• Type of Accounts: Personal Accounts
• Cards/Services: Physical and Virtual Debit Mastercard®, Loan Services, Foreign Exchange and Insurance Services
• Channels of Contact: Office hours 9:00 am - 10:30 pm, Mon-Sun (updated as of 24 November 2023).
  Phone Number: +852 3898 6988
  Email: wecare@welab.bank

Important Details About WeLab Bank

Eligibility criteria: Aged 18 years old or above, have an HKID holder, have to be physically in Hong Kong, have a Hong Kong mobile number, have a Hong Kong residential address

Time for opening an account: Within a day to a few days

Accounts features:
✅​ HKD supported currency

✅​ Transfer Limit - HKD 30,000 and can be increased to HKD 500,000 after internal review

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

4. Livi Bank

Livi Bank is another virtual bank in Hong Kong that was opened in 2020 and they are co-owned by Jingdon Digits Technology, Bank of China (BOC) Hong Kong, and Jardine Matheson Group. According to reports, Livi Bank is the fourth largest virtual bank in Hong Kong, with a total balance deposit of 3 billion Hong Kong dollars, which is approximately (USD 382 million) in 2021.

Currently, Livi Bank provides a business account service called "livi Business" and a personal account service called "livi Personal. " To get started, you must download the livi app via the livi Bank Apple App Store or the livi Bank Google Play Store and register an account online.

In 2022, Livi Bank reported that they have more than 200,000 users on their platform.

• Launch Date: 12 August 2020
• Type of Accounts: Personal Accounts and Business Accounts.
• Cards/Services: Virtual Debit Mastercard®, Loan Services, and Travel Insurance Services
• Channels of Contact:
  Live Chat on the Livi app (for registered customers only)
  Feedback page on the Livi app (for registered customers only)
  Email at: livicare@livibank.com
  Call at: (+852) 2929 2998 / (+86) 4001200099
  (Updated as of 24 November 2023)

Important Details About Livi Bank

Eligibility criteria: Aged 18 years old or above, have an HKID holder, have to be physically in Hong Kong, have a Hong Kong mobile number, have a Hong Kong residential address

Time for opening an account: Within a day to a few days

Accounts features:
✅​ HKD, USD, and CNY are supported currencies

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

✅ Business Instalment Loan

🔍Tip: You can follow our guide on how to open a Livi Bank virtual bank account.

5. Mox Bank

Mox Bank is another virtual bank in Hong Kong that opened to the public in 2020. It is backed by Standard Chartered, in partnership with HKT, PCCW, and Trip.com. Today, Mox 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 500,000 real users on their platform.

• Launch Date: 22 September 2020
• Type of Accounts: Personal Accounts only
• Cards/Services: Debit and Credit Mastercard®, Loan Services, Foreign Exchange
  A unique feature that Mox Bank Limited claims it offers is that it is the first bank to provide a numberless card for its founding members.
• Channels of Contact:
  Call at: +852 2888 8228
  Email at: care@mox.com
  (Updated as of 24 November 2023)

Important Details About Mox Bank

Eligibility criteria: Aged 18 years old or above, have an HKID holder, have a Hong Kong mobile number, have a Hong Kong residential address.

Time for opening an account: Within a day to a few days

Account features:
✅​ HKD supported currency

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

6. Ant Bank

Ant Bank is another early virtual banking contender that began offering its services in Hong Kong in 2020. Ant Bank is owned by the FinTech company Ant Financial Group, a company founded by Chinese businessman Jack Ma. It is a well-known financial institution worldwide. According to the latest reports, Ant Group is considering selling its stake at Ant Bank, but so far, there have been no new updates.

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

• Launch Date: 28 September 2020
• Type of Accounts: Personal Accounts and Corporate Banking Accounts for SMEs
• Cards/Services: Loan Services
• Channels of Contact:
  Call at: +852 2325 0303
  Email at: customeropinion@antbank.hk

Important Details About Ant Bank

Eligibility criteria: Aged 18 years old or above, have an HKID holder, have to be physically in Hong Kong, have a Hong Kong mobile number, have a Hong Kong residential address.

Time for opening an account: Anywhere from 1 day to a few days after submitting all the required documents.

Account features:
✅​ HKD supported currency

✅​ Transfer Limit - HKD 200,000

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

✅ SME Loans

7. Ping An OneConnect Bank

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

Today, PAOB provides both personal and business account services to its clients. These services include business loans, savings, and cardless withdrawals.

• Launch Date: 29 September 2020
• Type of Accounts: Personal Accounts, Business Accounts
• Cards/Services: Loan Services, Foreign Exchange
• Channels of Contact:
  Call at: (852) 3762 9900
  Email at: paob_cs@pingan.com

Important Details About PAOB

Eligibility Criteria: Companies have to be established and incorporated in Hong Kong, the company doesn't have a corporate director(s)/ shareholder(s)

Time for opening an account: Within a day to a few days

Account features:
✅​ As of this moment, the business account only supports HKD

✅​ Business instalment loan service available for registered clients only

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

8. Fusion Bank

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 The partner 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), which reduces the application time for users.

Applications are 100% online, and users can download the Fusion Bank App and sign up.

• Launch Date: 21 December 2020
• Type of Accounts: Personal Accounts and Business Bank Accounts.
• Cards/Services: Loan Services, Foreign Exchange
• 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

Important Details About Fusion Bank

Eligibility criteria: Aged 18 years old or above, have an HKID holder, have to be physically in Hong Kong, have a Hong Kong mobile number, have a Hong Kong residential address

Time for opening an account: Within a day to a few days

Account features:
✅​ HKD, USD, and CNY are supported currencies

✅​ Transfer Limit - HKD 50,000 and can be increased to HKD 500,000 after internal review

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

Alternative Solution: Statrys

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

Currently, Statrys is providing services to over 3,500 SMEs across 70+ countries and is continuing to provide the best human support services, with a score of 4.6 out of 5 on Trustpilot.

Today, Statrys provides business account services to small to medium-sized businesses registered in Hong Kong, Singapore, and the BVI, and businesses can open a business account remotely, even outside of Hong Kong.

• Launch Date: 2018
• Type of Accounts: Business Accounts, Hong Kong Company Registration, and Invoice Software
• Cards/Services: Virtual and Physical Mastercard®, Foreign Exchange
• Channels of Contact: Customer Enquiry Hotline, Email, Live Chat, WhatsApp, and WeChat

Important Details About Statrys

✅ A multi-currency business account in Hong Kong

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

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

✅ A dedicated account manager for every client

✅ 85% of the clients have their accounts approved in less than 48 hours.