THE VIRTUAL BANK REVOLUTION IN HONG KONG
BANKING
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D igital banking and innovative fintechs , startups and unicorns have irreversibly disrupted the world of finance over the last decade . While in Europe ( particularly in the UK ) and the US , these digital-first , digital-only or mobile banks have risen to a place in the market where they are competing with traditional banking houses , incumbents and financial institutions , the wider world of finance has been slower to adapt .
In the UK , digital challenger banks like Monzo , Revolut and Starling have attained strong brand recognition and significant market penetration , with a combined user base of around 11 million people . European virtual bank N26 alone has five million customers . By offering flexible , digital-first services to an increasingly tech-savvy generation of customers , these challenger banks are pushing a wave of digital disruption across their home regions ’ banking sectors , as well as fighting fiercely to establish a beachhead in the US market .
THE VIRTUAL BANK REVOLUTION IN HONG KONG
While virtual banks are being established worldwide ( and more and more legacy banks are improving their digital offerings )
APRIL 2020