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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, from account opening to daily transactions and customer support, providing a  seamless and efficient digital banking experience.

Virtual banks operate and offer banking services through digital platforms such as websites or mobile apps without having physical branches. Despite the absence of physical locations or in-person services, virtual banks have safe and secure measures to safeguard their virtual bank accounts. Registered virtual banks are typically protected under the local government’s deposit insurance or protection scheme. 

As fintech eliminates the need and cost of renting a banking hall or expanding physical branches to reach broader markets, virtual banks can provide almost all the primary services available at any conventional bank but with fewer or lower fees. 

You may have heard some other common terms that have similar concepts thrown around. Virtual banks are also referred to as neobanks, online banks, digital 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 guide on opening a business bank account in Hong Kong.

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 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 or a few taps on mobile phones. 

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. 

Statrys mobile application dashboard showing a total balance in a business account.

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

Screenshot of ZA Bank's website

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 permanent and non-permanent residents. However, the eligibility requirements may vary depending on whether you want to open a personal or business account.

According to the latest market data as of January 2024, ZA bank has more than 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, allowing 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 to offer a dedicated "Banking for Web3" service with the launch of operating accounts 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 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: 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)

ZA Bank Fees

For business clients, ZA Bank will deduct an HKD 1,200 opening fee and HKD 300 company search fee after you deposit funds to your account, making the total account opening fee HKD 1,500

Here are the other ZA Bank business banking fees:

Type Fees
Monthly Fee for Business Account  Waived
Outward transfers to other local banks via CHATS Handling fee: HKD 50 Cancel or amend payment: HKD 200 
Outward transfers via FPS Below HKD 1 million: HKD 1 Above HKD 1 million: HKD 10
Telegraphic transfers via SWIFT Handling fee: HKD 100 Cancel or amend payment: HKD 200 
Receiving CHATS payments HKD 15
Receiving FPS payments Non-Merchant: Waived Merchant: 0.6% of transferred amount
Receiving telegraphic transfers via SWIFT HKD 50

🔎 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

A screenshot of Airstar Banks' website

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)

Airstar Bank Fees

Type Fees
Account opening fee Free
Account monthly fee  Free
Fund transfers in HKD and CNY via FPS Waived
Receiving cross-border remittance Waived

3. WeLab Bank

A screenshot of WeLab's website

WeLab Bank was the third bank in Hong Kong to be given a virtual banking licence 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: Phone number +852 3898 6988 or email at wecare@welab.bank (during office hours from 9:00 am - 10:30 pm, Mon-Sun)

Important Details About WeLab Bank

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

Account 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)

WeLab Bank Fees

Type Fees
Account opening fee Free
Account monthly fee  Free
FPS transfer fee Waived 
RTGS transfers in HKD  HKD 50 per transaction
Foreign currency transaction fee  1.8% of transaction value

4. Livi Bank

A screenshot of Livi bank's website

Livi Bank is another virtual bank in Hong Kong that began operating in 2020. It is co-owned by Jingdon Digits Technology, Bank of China (BOC) Hong Kong, and Jardine Matheson Group. According to reports, Livi Bank has a total balance deposit of 3.1 billion Hong Kong dollars in 2022, according to its annual report. 

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 via Apple App Store or Google Play Store.

In 2022, Livi Bank reported 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:  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

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

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

✅ Business Instalment Loan

Livi Bank Fees

Livi Bank has different pricing for personal and business bank accounts. Please refer to their website for personal account fees & charges

Below are the Livi business banking fees:

Type Fees
Account opening fee HKD 1,200 (including HKD 250 company search fee)
Account closure fee  HKD 300 per account closed within 3 months
Outward FPS transfers to other local banks Below HKD 1 million: HKD 3 Above HKD 1 million: HKD 15
Outward RTGS transfers to other local banks HKD 25
Receiving funds from other local banks through FPS/RTGS Waived

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

5. Mox Bank

A screenshot of Mox bank's website

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 - Mox also provides a unique numberless card
  • Channels of Contact: Voice call, in-app chat, Hotline, Online form, Email, and postal mail

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

Account features:
✅​ HKD supported currency

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

Mox Bank Fees

Type Fees
Account opening fee Free
Account monthly fee  Free
Cash withdrawal at JETCO ATMs in Hong Kong Free
Overseas ATM cash withdrawal at JETCO ATMs HKD 30 per transaction
Foreign exchange handling fee 1.95% (1% imposed by Mastercard® plus a 0.95% fee charged by Mox)

💡Discover Mox Bank’s key features, fees, customer service rating, account opening process, and more in our detailed Mox Bank Review and How to Open a Mox Bank account guide.

6. Ant Bank

A screenshot of Ant Bank's website

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 Group, an affiliate company of the Chinese Alibaba Group and the owner of the Alipay payment platform. It is a well-known financial institution worldwide. According to the latest reports, Ant Group is considering selling its stake at Ant Bank, but there have been no new updates so far.

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) 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 +852 2325 0303 or email at: customeropinion@antbank.hk

Important Details About Ant Bank

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. Business clients must be registered and operated in Hong Kong for over a year.

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

Ant Bank Fees

Type Fees
Account opening fee Free
Local bank transfer Waived
Returned local bank transfer Waived

7. Ping An OneConnect Bank

pao bank hong kong

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. It is 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 +852 3762 9900 or email at: paob_cs@pingan.com

Important Details About PAOB

Eligibility Criteria: Companies have to be established and incorporated in Hong Kong.

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)

PAOB Fees

Type Fees
Account opening fee Free
Account maintenance fee Free
Outward FPS transfers Free
Receiving FPS payments Free

🔍 Find out how Statrys compares to PAOB regarding business accounts, foreign exchange services, cards, loans, and more.

8. Fusion Bank

A screenshot of Fusion Bank's website

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.

  • 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: 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

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)

Fusion Bank Fees

Type Fees
Account opening fee Free
Account monthly fee Free
Outward FPS and RTGS payments Waived
Receiving FPS and RTGS payments Waived

 Virtual Bank Alternative: Statrys

A screenshot of Statrys' website

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

Today, Statrys provides multi-currency business accounts 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.

Important Details About Statrys

Eligibility criteria: Companies must be registered in Hong Kong, Singapore, and the BVI.

Time for opening an account: 85% of the clients have their accounts approved in less than 48 hours.

✅ 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.

Statrys Fees

Type Fees
Account opening fee Free
Account monthly fee HKD 88
Outward payments in HKD within Hong Kong HKD 5
Receiving payments in HKD within Hong Kong Free
Statrys mobile application dashboard showing a total balance in a business account.

FAQs

What is a Virtual Bank?

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A virtual bank offers banking and financial services similar to traditional banks, but through digital channels, removing the need to visit a physical branch.

How many virtual banks are there in Hong Kong?

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What are the virtual banks in Hong Kong?

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What is the difference between online and virtual banking? 

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Is Virtual Bank a Fintech?

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