Hong Kong’s Second Digital Bank Enters the Market

via finews.asia

The Xiaomi-AMTD joint venture has launched «Airstar Bank», becoming the second digital lender to enter the Hong Kong market.

Airstar Bank will offer savings accounts, time deposits and personal loan deposits alongside tools such as mobile app-based financial planning analysis. Loan rates as low as 2.99 percent per annum and deposit rates as high as 3.6 percent will be offered.

Airstar Bank was granted a digital banking license by the Hong Kong Monetary Authority in May 2019 and launched a pilot in March to offer a trial for 2,000 selected users under the central bank’s fintech supervisory sandbox. 

«Airstar Bank is determined to deliver the full benefits of emerging financial technologies and innovative solutions, providing each and every customer with proactive stellar banking experience regardless of their wealth,» the bank said, according to a «Regulation Asia» report, dubbing itself «Everyone’s Bank».

Second Bank

Airstar joins ZA Bank – backed by mainland insurer ZhongAn Online P&C Insurance and industrial firm Sinolink Group – as the two out of eight licensed virtual banks that have launched.

In April, Mox Bank – backed by Standard Chartered, PCCW, HKT and Trip.com – also launched its own pilot. This included features like easy registration, user-centric experiences and high security, clients and an «all-in-one numberless bank card» – a card for purchases and cash withdrawals with no expiry date, verification value or other numbers to reduce risks.