HONG KONG AND DIGITAL BANKING
ZA BANK : DIGITAL-ONLY INNOVATOR
Fireside Chat with Starling Bank and Revolut on Digital-only Banks at the Hong Kong FinTech Week
HONG KONG AND DIGITAL BANKING
With a national GDP of $ 341.4bn ( placing it between Singapore and Iran ), Hong Kong is an economic powerhouse that punches far above its weight , considering its tiny landmass and relatively small population of 7.3 million people . The special administrative region ’ s economy is also heavily rooted in the financial sector , which benefits from low taxation , legislation that favours free trade , and a currency pegged to the US Dollar . Hong Kong ’ s banking sector is quite traditional , but last year the
Hong Kong Monetary Authority announced that , from a crowd of 29 hopefuls , eight virtual banks had been selected to receive licenses to operate in the country .
ZA BANK : DIGITAL-ONLY INNOVATOR
As of March 2020 , ZA Bank has kicked off the race to establish a virtual banking industry in Hong Kong in style . The company has quickly attracted almost 2,000 users to its digital-only service with a combination of high deposit interest rates and low lending rates .
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Fireside Chat with Starling Bank and Revolut on Digital-only Banks at the Hong Kong FinTech Week
CLICK TO WATCH | 26:33 www . fintechmagazine . com