16.10.2020. Hong Kong 7th virtual bank starts operations

Company News

Ping An OneConnect Bank, www.paob.com.hk, a member of Ping An Insurance has become the seventh virtual bank in Hong Kong to start operations.
Among the eight virtual banks:
Airstar Bank Limited
Ant Bank Limited
Fusion Bank Limited
Livi Bank Limited
Mox Bank Limited
Ping An OneConnect Bank Limited
WeLab Bank Limited
ZA Bank Limited
licensed in Hong Kong, only Fusion Bank has not commenced operations.
PAOB provides lending service to small and medium enterprises. The bank promises to approve loans worth up to HK$2 million within five business days with an interest rate of 8-12%. Apart from SME banking, PAOB also provides retail banking services.