FinTech: Ant Bank, The All-New Virtual Bank From Ant Group, Is Live in HK

September 29, 2020 | FinTech, News

The Ant Group becomes the sixth virtual bank to launch in Hong Kong.

Hong Kong’s citizens can now look forward to bank with an arm of the largest fintech unicorn in the world. Ant Bank, a part of the Ant Group, has launched its virtual banking services after the Hong Kong Monetary Authority granted it a banking license. Ant Bank was one of eight such lucky applicants. (Fintech Hong Kong)

Ant Bank: Account opening and services

Individuals interested in virtual banking can open an account with the new virtual bank in a matter of minutes. But they must first download its official mobile app. The prospective customer can use her Hong Kong Permanent Identity Card to open the account remotely.

Existing AlipayHK users, which number approximately 2 million, can open their account remotely. They can do this by using the bank’s Mini App in their existing Alipay E-wallet app.

Ant Bank and AlipayHK, a payment arm of Ant Group, will work together to enable the integration of their payment and banking services in the interest of their customers.

Services of the new bank include high interest-bearing savings accounts yielding up to 2.5% annually, and user-friendly money transfers.

The new bank also intends to serve local SMEs in Hong Kong by the introduction of services such as Digital Trade Finance. This service will be trialed initially with the e-commerce merchants on Alibaba’s (NYSE: BABA) ecosystem.

“We set up Ant Bank with the intention of providing increasingly mature FinTech products and services to the Hong Kong market and to provide a new choice to people locally,” said Michael Wang, Chief Executive Officer. “We are excited to be contributing to the promotion of inclusive financial development in the city.”

Bank launched on the eve of Ant Group’s mega IPO

Ant Group has launched its new bank just before it issues a historic IPO. It would list on the Shanghai Stock Exchange’s STAR board and the Hong Kong stock exchange. Already reckoned as the world’s most valuable fintech unicorn, it is likely to achieve a valuation of $ 200 billion in the upcoming IPO.

The IPO has been cleared by the Shanghai stock exchange. This week the listing committee of the Hong Kong stock exchange will examine the mega-IPO application.

Related Story:   China’s Ant Group Reports Nearly $3.5B In Profits to June 2020

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