Eight such banks started this year and as of November had taken more than $1 billion in deposits and attracted nearly 300,000 customers., , hong kong, share, savings accounts, transfer services
Hong Kong’s new online-only banks plan to venture into business lending and wealth management, seeking more lucrative avenues beyond basic savings accounts and transfer services, senior executives said.
Hong Kong online banks to spread wings, offering business loans and wealth management Toggle share menu
Advertisement
The Hong Kong skyline is seen from The Peak. (Photo: Reuters/Bobby Yip)
23 Dec 2020 07:17PM (Updated:
23 Dec 2020 07:20PM) Share this content
Bookmark
HONG KONG: Hong Kong s new online-only banks plan to venture into business lending and wealth management, seeking more lucrative avenues beyond basic savings accounts and transfer services, senior executives said.
Eight such banks started this year, and as of November had taken more than US$1 billion in deposits and attracted nearly 300,000 customers.
Advertisement
Advertisement
Whether these banks can take a significant share from Hong Kong stalwarts such as HSBC and Standard Chartered and become profitable is being closely watched in other Asian markets, where regulators are also encouraging new challengers.
HK online banks to diversify into lending, wealth management
Photo: rawpixel/unsplash Premium
Hong Kong‘s new online-only banks plan to venture into business lending and wealth management, seeking more lucrative avenues beyond basic savings accounts and transfer services, senior executives said.
Continue reading this story with a subscription to DealStreetAsia.
Contact us for corporate subscriptions at subs@dealstreetasia.com.
Bring stories like this into your inbox every day.
Sign up for our newsletter - The Daily Brief Opt out of receiving The Daily Brief in your inbox everyday
REGISTER stories left placeholder You have one free story left this month.
HK online banks plan to offer business loans and wealth management businesstimes.com.sg - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstimes.com.sg Daily Mail and Mail on Sunday newspapers.