Ant Group Launches its Virtual Bank Ahead of Its IPO

Ant Bank, part of Ant Group, has officially launched to offer banking services to Hong Kong citizens. Ant Bank was one of the 8 recipients of the virtual banking license by the Hong Kong Monetary Authority (HKMA), this launch makes it the 6th virtual bank to launch their services in Hong Kong.

Individuals can now download Ant Bank’s official mobile app and use it to set up a personal bank account. Opening an account purportedly only takes 3 minutes, and can be done remotely with the customer’s Hong Kong Permanent Identity Card. However, location and network may affect the actual account opening time.

Read more: Fintech News Hong Kong