Virtual Banks – New Clientele Embracing FinTech and Innovation

Hong Kong has entered a new phase in the digital banking era with the granting of eight virtual bank licenses by the Hong Kong Monetary Authority (HKMA). The latter half of 2020 witnessed their business rollouts. You should have come across some of their online marketing campaigns promoting their businesses in brand-new fashion. Leveraging their unique features and offers, these banks are targeting individual or corporate customers for deposit and lending businesses, in a bid to quickly expand market shares.

Using a novel business model, virtual banks make use of the Internet or other digital channels, instead of brick-and-mortar branches, to provide services. As freshly founded virtual banks, they could use an innovative approach. Their adoption of automated systems and FinTech bears semblance to the way BIBO has been taking to cater to rising service, efficiency and compliance standards.

We are truly honoured to have been chosen as a partner by some of the virtual banks for the provision of accounts receivable solutions. When our team came into contact with their managements in early 2020, they were only at planning stages. Today these banks have begun operation, each on a course of its own with its unique characteristics. We look forward to seeing our virtual bank clients making great progress in 2021.

After months of operation, virtual banks now have overdue arrears, and will soon allocate cases to BIBO for handling. Our various departments are all set to serve our clients. Upon the assigning of cases, BIBO will make strides into a new customer segment.

Airstar Bank 天星銀行
Ant Bank 螞蟻銀行
Fusion Bank 富融銀行
Livi Bank
MOX Bank
Ping An OneConnect Bank 平安壹賬通銀行
WeLab Bank 匯立銀行
ZA Bank 眾安銀行
(The eight virtual banks granted operation licenses by HKMA)

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