Here are top virtual banks in Hong Kong for speedy transactions, and yes – they are trustworthy.
It’s the 21st century. The majority of our day-to-day life is made easier by online apps. Just think of the number of apps on your phone for everything from food delivery to clothes shopping to even finding the love of your life. So, why not save the hassle of waiting for hours at a bank and set up your savings account online instead? On that note, let’s talk about virtual banks in Hong Kong that can easily be controlled and monitored online.
Online banking: Virtual banks in Hong Kong for safe and speedy transactions
Virtual banks in Hong Kong: Deets and facts
What is virtual banking?
Simply put, virtual banking is when everything is done online. Virtual banks do not have physical branches, but they must have one physical office in Hong Kong to handle client enquiries.
Unlike physical banks, you don’t have to worry about having a minimum account balance or being charged low-balance fees. But, you do have to be 18 or over and be able to prove your permanent residence to open an account. Simply download the banks’ respective app, make an account, and you can carry out transactions, deposits, withdrawals, and even take out loans with ease.
How safe are virtual banks in Hong Kong?
All of these virtual banks are licensed and regulated by the Hong Kong Monetary Authority (HKMA), much like all the physical banks in Hong Kong. Plus, under the Deposit Protection Scheme, deposits up to $500,000 are protected by the Hong Kong government, even if the bank liquidates.
Sort out your finances with these virtual banks in Hong Kong
1. Mox Bank
Mox launched in September 2020 in Hong Kong, and is backed by Standard Chartered, in partnership with HKT, PCCW, and Trip.com. This virtual bank delivers a suite of retail banking services as well as lifestyle benefits, all in one place. Don’t worry about security issues, as Mox’s encryption, biometric login, and e-commerce fraud protection systems are some of the strongest in the market. And of course, rewards set virtual banks apart from physical ones. At Mox, you can earn up to $1,000 cash rewards each month simply by spending!
Learn more about Mox Bank online.
2. Livi Bank
Livi Bank has a strong threshold of backers including Bank of China, the Jardine Matheson Group, Jingdon Digits Technology, and Mastercard. Striving to build a community for those seeking convenient and easy-to-use banking services, Livi Bank delivers ultimate speed with its app. If you’re running low on cash and there’s no ATM in sight, you can make use of Union Pay’s QR code system to transfer money. In addition, Livi Bank offers bountiful rewards for its customers, including its “pay and shake” (yes, literally shake your phone) scheme with which you can earn 1% cash rewards up to three times a day.
Learn more about Livi Bank online.
3. Ant Bank
Ant Group (formerly known as Ant Financial) operates the world’s largest mobile and online payment system, Alipay, and is the mother company of Ant Bank. The bank is also an Alibaba affiliate, so there is no questioning its credibility. To make an account, you can either directly download and sign up via the Ant Bank app, or use the shortcut in the Alipay app with a copy of your HKID. Transactions are made super quick with fingerprint authentication and facial recognition for iPhone X and newer models that operate on IOS 11.0 or above.
Learn more about Ant Bank online.
4. ZA Bank
ZA (ZhongAn) Bank is perhaps the most well-known virtual bank in Hong Kong. Registering for an account takes as little as five minutes with zero deposit barriers. Once you’re set, this all-in-one banking app lets you manage local and global transfers, insurance plans, and investment schemes in one place. What’s more, security is top-notch on the ZA app. Not only is the app locked with facial recognition or fingerprint authentication, but you’ll also get notifications of any and all transactions, big or small. Not to mention you can lock your card with one tap if any fishy payments arise.
Learn more about ZA Bank online.
5. Airstar Bank
The joint venture between Xiaomi and AMTD Group received a license from HKMA in 2019 to open Airstar Bank. Airstar offers services like savings accounts, time deposits, and loans. You can get time deposits in HKD, USD, and CNY at a minimum of 1,000 of the chosen currency. Enjoy a high interest rate of 3.6% per annum regardless of the value of your banked assets. What’s more, you can say goodbye to handling or administration fees for loan applications at Airstar Bank. Feel free to also apply for a loan 12 times that of your monthly income. Just remember: You have to repay your loans eventually!
Learn more about Airstar Bank online.
6. WeLab Bank
Founded in 2013, WeLab is a Hong Kong-based virtual bank with over 45 million users. This is the ideal bank for active investors looking to have stocks and funds information in one place. The app also helps you control your spendings with loan features and wealth management tips with non-aggressive interest rates. What’s more, WeLab is backed by CK Hutchison’s TOM Group, International Finance Corporation, and Sequoia Capital, so you know your money is in good hands.
Learn more about WeLab Bank online.
7. Fusion Bank
Licensed by the HKMA, Fusion Bank is a joint venture owned by Tencent Holdings Limited, ICBC (Asia) Limited, Hong Kong Exchanges and Clearing Limited, and Hillhouse Capital. The minimum time deposit is just $1 (in HKD, USD, or CNY) with an annual interest rate of 0.10% as well as steady growth every three months. Fusion is Hong Kong’s first virtual bank to offer foreign exchange services with no extra charge. What’s more, Fusion account owners can enjoy handsome rewards when spending at K11!
Learn more about Fusion Bank online.
8. Ping An One Connect Bank
HKMA granted Ping An OneConnect Bank a virtual banking licence in May 2019. With the PAOB app, you can carry out cardless transactions with ease using QR codes. Other than banking services, PAOB also offers solutions on investment banking, retail banking, and asset management.
Learn more about Ping An OneConnect Bank online.
