BANKING
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HONG LONG ’ S EIGHT VIRTUAL BANKS
With the intention of launching their Hong Kong offerings within the next nine months , meet Hong Kong ' s first eight virtual banks :
Ant SME
A subsidiary of Ant Financial , the virtual bank is reportedly going to target the Hong Kong SME market , and is dedicated to providing inclusive banking solutions to smaller businesses in the nation ’ s economy .
Insight Fintech
A joint venture between smartphone brand Xiaomi and AMTD Group , with Xiaomi owning 90 % of the company , Insight Fintech provides capital markets and advisory , asset management , insurance brokerage , and strategic investment services . According to a recent press release , the bank will use Xiaomi ’ s strong foothold in the IoT technology space to create modern , integrated banking solutions that are easier to use and more accessible than traditional alternatives .
Fusion Bank
The Hong Kong challenger with the most impressive backing is Fusion Bank ( originally branded as Infinium ), which is a joint venture between Chinese giants Tencent and ICBC , with additional support from Hillhouse Capital . Fusion Bank is reportedly looking to provide a full-service virtual banking experience , particularly highlighting small-value deposit services to the under-banked . The bank ’ s service also won ’ t require any minimum account balance , or low-balance fees both to the general public and SMEs .
Livi VB
Another of Hong Kong ’ s new challenger banks to have backing from mainland Chinese financial giants , Livi VB is a joint venture
APRIL 2020