hong kong banking

May

Hong Kong’s virtual banks have yet to establish a clear market niche

Hong Kong’s virtual banks arrived at a tumultuous time in the city, facing the twin challenges of political tumult and Covid-19. However, the pandemic may have helped spur greater uptake of the online lenders’ services, especially now that Hong Kong has experienced a more severe Covid wave. Important questions remain…

Jun

Asia Banking Research

Profitability is a ways off for Hong Kong’s virtual banks

In their first year of operation, Hong Kong’s virtual banks all lost money. Ant Bank lost the least at HK$172 million while Standard Chartered-backed Mox Bank lost the most at HK$456 million, according to the banks’ respective annual reports. While it is still early days for Hong Kong’s digital lenders,…

Jun

Asia Banking Research

Hong Kong’s banking giants move to fend off digital upstarts

Hong Kong’s virtual banks will not easily unseat entrenched incumbents, but the newcomers are already succeeding in one respect: They are forcing traditional banks to up their digital game. This trend started well before the coronavirus pandemic, but has accelerated as concerns about the virus impede customer visits to physical…

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