Statrys Payment Platform Ecosystem

The 8 Biggest Virtual Banks in Hong Kong

Statrys Team
Published: 18 Feb 2021

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    Banking online has many advantages. It saves the stress of visiting the bank; it makes transactions easy and makes your actions private.

    Almost all modern banks have features for online banking.

    However, virtual banks not only allow online banking, but that is in fact all that they do.

    What is a Virtual Bank?

    A virtual bank offers all its services online. It doesn’t have any physical branch for its customer to go for in-person service.

    Although it performs almost all the major banking services that the conventional banks perform, you must use your banking app or visit the bank’s website for making transactions.

    Virtual banking uses fintech to eliminate the cost of renting a banking hall and also reduces the need for human labor among many other savings.

    Virtual Banking in Hong Kong

    The first license for virtual banking in Hong Kong was issued in 2019.

    The banks are under the regulation of the Honk Kong Monetary Authority (HKMA).

    According to the regulation, the banks are meant to be primarily concerned with retail banking.

    They are to accept all interested clients without setting any minimum account balance.

    They are also required to have a physical head office in Honk Kong even if they don’t have branches.

    ZA Bank Limited

    Personal Accounts

    Business Accounts

    Payment Card

    ✖ Cashback

    ZA Bank Limited is the first virtual bank to open in Hong Kong.

    The bank claims it has the interest of the community as its top priority and accepts everyone to open an account with it.

    The virtual bank claims opening an account with them can be done within a few minutes.

    Airstar Bank Limited

    by AMTD Group & Xiaomi Corporation

    Personal Accounts

    ✖ Business Accounts

    ✖ Payment Card

    After ZA bank limited Airstar is the second virtual bank to commence operation in Hong Kong.

    The financial institution, jointly owned by AMTD Group and Xiaomi Corporation.

    AMTD is a well-established financial service provider in Asia, while Xiaomi Corporation is known everywhere in the world for their mobile phones.

    Airstar Bank Limited describes itself as everyone’s bank and claims its policies are to include every member of the community.

    Fusion Bank Limited

    Personal Accounts

    ✖ Business Accounts

    ✖ Payment Card

    Fusion Bank Limited is owned by a businessman and the owner of Perfect Ridge Limited, Adrian Cheng in partnership with several financial companies.

    The partner companies include the Industrial and Commercial Bank of China Limited, Hong Kong Exchanges and Clearing Limited, Tencent Holdings, and Hillhouse Capital.

    The virtual bank operates all hours of the day on every day of the week.

    It claims opening a virtual account requires only Hong Kong ID and takes just five minutes.

    You can access all banking services offered by the virtual bank through the mobile application of the bank.

    WeLab Bank Limited

    Personal Accounts

    ✖ Business Accounts

    Payment Card

    ✖ Cashback

    WeLab Limited has been providing financial services in China and Indonesia since 2013.

    The online lenders ventured into the Hong Kong Fintech market to provide virtual banking in 2019.

    It comes with its experience and the huge capital base it has acquired in its services in Asia.

    According to the virtual bank, you can open an account within three minutes.

    Ant Bank Limited

    by Ant Financial

    Personal Accounts

    ✖ Business Accounts

    ✖ Payment Card

    Ant Financial is a well-known financial institution worldwide.

    It has been providing financial solutions in many countries and keeps expanding to many more countries across the globe.

    Ant Bank Limited is using its experience in the financial industry to rapidly establish itself as one of the top virtual banks in Hong Kong.

    Ping An OneConnect Bank Limited

    Personal Accounts

    Business Accounts

    ✖ Payment Card

    PAOB is a subsidiary of Ping An Insurance Company, a well-established fintech business.

    The company has a large capital base and has been using that as its selling point.

    It has good experience in the financial industry, which has helped it establish itself as one of the leading virtual banks within a short period.

    Livi Bank Limited

    by Bank of China & Partners

    Personal Accounts

    ✖ Business Accounts

    Payment Card

    Cashback (1%)

    Livi Bank Limited’s goal is similar to those of other virtual banks in Hong Kong.

    It wants to provide banking services to everyone in the community in the simplest way possible.

    The bank is co-owned by Jingdon Digits Technology, BOC Hong Kong, and Jardine Matheson Group.

    Mox Bank Limited

    by Standard Chartered

    Personal Accounts

    ✖ Business Accounts

    Payment Card

    Cashback (5%)

    Mox bank is among the pioneering virtual banks in Hong Kong.

    The virtual bank owned by the popular financial company, Standard Chartered and other companies offers similar services to the rest of the virtual banks in Hong Kong.

    But Mox Bank also provides many generous incentives to its clients.

    Mox Bank Limited claims it is the first bank that provides a numberless card for its founding members.

    Unbanked Business Accounts

    While virtual banks are one of the newest methods of banking coming your way, making payments and managing your funds doesn't have to happen in a traditional bank.

    Businesses are choosing to go un-banked with payment platforms that can offer services that virtual banks have not yet caught up on like FX forward and spot trading, multi-currency accounts, and localized currency accounts as if the bank was in another country entirely.

    Open a business account with Statrys and get your business off the ground with a completely unbanked experience in less than 48 hours, with access to 11 major currencies.

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