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Cornerstone Blog Battle underway between Hong Kong’s virtual banks and traditional lenders as four new players join the overcrowded market

Battle underway between Hong Kong’s virtual banks and traditional lenders as four new players join the overcrowded market

October 9, 2020 by Cornerstone International Group Leave a Comment

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.

Read the full article here…

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Filed Under: Cornerstone Blog Tagged With: chinabankingsector

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