8 Virtual Banks in Hong Kong Compared [2026]

Virtual banks have reshaped Hong Kong’s banking landscape over the past few years, offering fast account opening, app-only access, and higher savings rates. They have become a popular alternative to traditional banks.

Their adoption grew rapidly as a Hong Kong Association of Banks survey found that 66.4% of individuals and 63.7% of SMEs used digital banking services for over 2 years, and most relied on them for at least half of their banking needs. 

In this guide, we explain how virtual banks in Hong Kong work, how they compare with traditional banks, and which types of customers they are best suited for. We then break down the key differences between all the licensed virtual banks, covering their features, pricing, and use cases, to help you decide whether a virtual bank is enough for your needs.

What sets Hong Kong apart from many other regions is that ‘Virtual Bank’ (and now ‘Digital Bank’) is a specific regulatory term, and there is a digital banking licence that differs from a banking licence. In other markets around the world, digital banks are usually offshoots of traditional banks, and they are not a distinct regulatory category.

The Hong Kong Monetary Authority (HKMA) issued the first virtual banking licenses in 2019, with ZA Bank launching as Hong Kong's first virtual bank in March 2020. 7 others followed shortly after, all operating under the same regulatory framework as traditional banks.

In late 2024, the HKMA officially changed the nomenclature from "virtual banks" to "digital banks", though "virtual bank" remains the more commonly used term.

In Hong Kong, “virtual bank” means a fully licensed bank that operates without branches. These are real banks under the HKMA's rulebook. All 8 virtual banks launched between 2020 and 2021 after receiving licenses from the HKMA in 2019 to provide comprehensive financial services.

All 8 Hong Kong virtual banks have:

• HKMA licensing and regulation
• Deposit Protection Scheme coverage (up to HKD 800,000)
• 24/7 mobile phone app access
• Savings accounts with competitive interest rates and no minimum balance requirements
• Support for FPS (Faster Payment System) for free local transfers
• Similar CHATS (Clearing House Automated Transfer System ) rates for HKD transfers
• Quick account opening for Hong Kong residents
• HKID and Hong Kong residential address requirements

Virtual banks offer a more convenient alternative to traditional banking, but they're not the right fit for everyone. Before opening an account, it's important to understand both its advantages and limitations. Below, we break down the key benefits and challenges to help you evaluate whether a virtual bank aligns with your banking needs and expectations.

Virtual banks operate exclusively online, which allows them to reduce operational costs and offer lower fees and better interest rates to customers. Most virtual banks waive monthly maintenance fees entirely and provide savings rates of 2-5% APR, compared to 0.25-1% at traditional banks.

Combined with fast account opening (often within 24 hours) and 24/7 access, virtual banks have become an attractive option for individuals and straightforward banking needs.

Traditional banks maintain extensive branch networks and offer comprehensive services, including trade finance, structured loans, and wealth management. They're often better suited for businesses with complex banking requirements or customers who value in-person support for major financial decisions. However, these services typically come with higher fees and longer account opening times.

Note: Both traditional and virtual banks are regulated by the HKMA and offer the same deposit protection (up to HKD 800,000 under the Deposit Protection Scheme). All information provided here and in the following sections is accurate as of February 2026.

All 8 virtual banks launched between 2020 and 2021 after receiving licenses from the HKMA in 2019 to provide comprehensive financial services. No new licenses have been issued since. Here is the list of all 8 banks:

1. ZA Bank – First virtual bank, launched in March 2020.
2. Airstar Bank – Backed by Xiaomi.
3. WeLab Bank – Homegrown fintech, retail banking focus.
4. Livi Bank – Joint venture (BOC, JD Digits, Jardine Matheson).
5. Mox Bank – Standard Chartered partnership.
6. Ant Bank – Ant Group (Alibaba) subsidiary.
7. PAO Bank – Formerly Ping An OneConnect Bank.
8. Fusion Bank – Tencent-backed.

Let's look at each bank more closely to find out what makes them stand out from the others.

ZA Bank, backed by ZhongAn Technologies International Group, is Hong Kong's largest virtual bank with over one million users. With over 1 million users as of 2025, it's now the largest virtual bank in Hong Kong.

What sets it apart:

• Investment integration - Only virtual bank offering stock and crypto trading (Bitcoin/Ethereum) directly in the banking app, plus access to 170+ investment funds
• StockBack rewards - Unique programme that gives 1-2% in stock rebates instead of cash, encouraging investment over consumption
• International transfers and Multi-Currency Wallet - Partners with Wise for transparent, low-cost remittances to 16+ currencies through ZA Remit. Hold 11 currencies in personal or business accounts.
• 24/7 trading & support - Round-the-clock FX trading and customer support hotline for maximum flexibility

Airstar Bank, backed by Xiaomi Corporation and AMTD Group, focuses on connecting Hong Kong with mainland China through its digital banking platform. The bank focuses on cross-border connectivity and competitive rates, particularly for users who regularly transact with Mainland China or need fast business account setup.

What sets it apart:

• China remittance focus - Offers one-click currency exchange and cross-border remittance to Mainland China via WeChat, with faster processing than traditional channels
• Premium card access - Issues Visa Platinum cards with global ATM access and Apple Pay integration, providing more travel benefits than standard debit cards
• Competitive rates - Offers 2.70% on 12-month HKD time deposits, the highest among all 8 virtual banks
• Fast business onboarding - Business account opening often completed within 48 hours with fees ranging from HKD 850-8,000 depending on company structure

WeLab Bank is a homegrown Hong Kong fintech enterprise focusing exclusively on personal banking with no business account offerings. The bank focuses primarily on retail banking, positioning itself as an accessible platform for individual savers and investors.

What sets it apart:

• Low-barrier investing - GoWealth robo-advisory platform allows investments starting from just HKD 100, making wealth management accessible to smaller savers
• Curated fund access - Offers over 150 mutual funds from top global fund houses like BlackRock, Fidelity, and J.P. Morgan with one-click investment
• Multi-currency personal accounts - Supports multiple currencies for personal banking with competitive 2.25% time deposit rates
• Flexible GoSave time deposits - Unique time deposit structure designed to be more rewarding and adaptable than traditional fixed-term deposits

Livi Bank, a joint venture between Bank of China (Hong Kong), JD Technology, and Jardine Matheson, serves both personal and business banking customers. The bank focuses on gamified rewards and instalment financing products, targeting users who want interactive banking features alongside traditional services.

What sets it apart:

• Gamified rewards - livi Rewards featuring Wishing Tree offers instant cashback up to 100% on transactions, making everyday spending more engaging
• Instant USD transfers - Provides instant USD transfers via RTGS for businesses needing fast cross-border payments
• Tri-currency support - Supports HKD, USD, and CNY for both personal and business accounts with competitive time deposit rates

Mox Bank, backed by Standard Chartered, HKT, PCCW, and Trip.com, focuses on personal banking. The bank emphasises spending rewards and investment accessibility, positioning itself as an all-in-one financial app for everyday use. While Mox supports foreign currencies for conversion and savings, these currencies cannot be used for local transfers, withdrawals, or spending, either in Hong Kong or abroad.

What sets it apart:

• Tiered unlimited cashback - Offers 1-3% cashback on all spending with higher tiers unlocked by balance or payroll (3% at supermarkets, 2% for premium tier requiring HKD 250K+ balance)
• Investment integration - First virtual bank in Hong Kong to offer both HK and US stock trading, plus crypto ETFs and fund investments within the banking app
• Numberless card - Issues a unique numberless Mox Credit (hybrid debit/credit card) for enhanced security with no CVV printed on the card
• Competitive rates - Offers 2.60% on 12-month HKD time deposits with daily interest crediting and instant cashback rewards

Ant Bank, a subsidiary of Ant Group (owner of Alipay), is Hong Kong's only digital bank deeply integrated with the AlipayHK ecosystem. The bank focuses on seamless integration between banking and mobile wallet services, allowing users to easily link their Ant Bank accounts to AlipayHK for daily transactions and payments.

What sets it apart:

• AlipayHK ecosystem - Deep integration for seamless banking and mobile wallet transactions across merchants in Hong Kong
• eM+ High Yield Account - Integrated with AlipayHK for automatic daily balance transfers and Open API connectivity
• Fast onboarding - Quick account opening process designed to be completed in minutes
• 24/7 support - Customer support available via chat and phone throughout the year

PAO Bank, backed by Ping An OneConnect and AMTD Group, is designed specifically for SMEs in Hong Kong. It's one of the few virtual banks offering comprehensive business banking services, including various business loan products tailored for small and medium enterprises.

What sets it apart:

• SME specialist - Business-focused virtual bank with tailored SME services and dedicated business loan products
• Cardless ATM access - App-based ATM withdrawal allows cardless cash access at participating ATMs across Hong Kong
• Business network - Strong local partnerships with Hong Kong business associations and chambers of commerce
• Zero opening fees - No business account opening fees, removing barriers for SMEs to access digital banking

Fusion Bank, backed by Tencent, ICBC Asia, Hong Kong Exchanges and Clearing, and Hillhouse Capital, integrates closely with the WeChat Pay HK ecosystem. The bank was the first Hong Kong virtual bank to offer foreign exchange services and applies self-developed AI eKYC technology (co-developed with Tencent Cloud) to reduce onboarding time.

What sets it apart:

• WeChat Pay HK integration - Seamless integration with WeChat Pay HK for merchant access in Mainland China, facilitating cross-border commerce
• AI-powered onboarding - First virtual bank to use self-developed AI eKYC technology, enabling fast account opening with reduced processing time
• WeBank partnership - Partnered with WeBank (Mainland China's first digital bank) in January 2025 to strengthen cross-border service offerings
• No opening fees - Waives business account opening fees entirely, with flexible business loan facilities for SME growth

Most virtual banks in Hong Kong are designed primarily for individuals rather than businesses. While personal accounts often include features like multi-currency support, investment tools, and rewards programmes, business accounts more closely mirror traditional banks with standard payment functions and local currency support. The table below highlights the key structural differences to help you identify which banks align with your needs.

Choosing between a virtual bank and Statrys depends on your business model and payment patterns. Virtual banks suit local operations with competitive rates, while Statrys is built for cross-border payments and multi-currency management. The comparison below shows where each solution excels.

Still unsure? Here’s the simplest way to decide:

If your business only operates in Hong Kong and your needs are basic, a virtual bank may be enough.

If you manage international payments, hold multiple currencies, or want a real human to speak to when things get complex, Statrys is built for you.