by the Bank of China , JD Digits and Jardines . Worth an estimated $ 2bn , the resulting company has huge cash reserves behind it and plans to use cutting edge fintech solutions driven by artificial intelligence ( AI ), blockchain and Big Data to deliver a truly seamless digital experience comparable to some of the leading European virtual banks .
SC Digital
Backed by global finance giant Standard Chartered ( alongside PCCW Limited , HKT and Ctrip Hong Kong ) SC Digital is looking to corner the retail banking market in Hong Kong . In addition to standard digital banking solutions , the virtual bank is looking to offer retailers and shoppers better ways of spending and transferring money .
WeLab
A truly homegrown Hong Kong fintech , WeLab is also looking to enter the retail banking space , with an offering powered by AI , machine learning ( ML ) and Big
Data . In a press release announcing the company ’ s new license , founder and CEO Simon Loong said : “ WeLab will fully dedicate its resources to provide seamless digital financial services built for the customer , leveraging on the proven track record , cumulative knowledge and experience over the last six years .”
Zhong An Virtual Finance ( ZA Bank )
The first virtual bank in Hong Kong to launch its pilot programme in March 2020 , ZA Bank already has a leg up on brand recognition and is looking to tempt a wave of new customers to its platform with a bold new campaign .
Ping An One Connect
A virtual bank that falls under the banner of Ping An Insurance Group , China ’ s largest insurer by market value . Will initially offer lending to individuals and SMEs , and will subsequently develop new products and markets overseas .
47 www . fintechmagazine . com