Competition between traditional lenders and a new breed of branchless banks is heating up in Hong Kong as four new players join an overcrowded market in just two weeks.
Ping An OneConnect Bank completed its three-month trial run and started operations on Tuesday, following
Ant Bank
(Hong Kong) on Monday and
Mox Bank
on September 22. Seven virtual banks have started operations this year. Tencent-backed Fusion Bank had a soft launch on Wednesday for 1,000 customers, a step closer to a fully-fledged launch.
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