Standard Chartered to launch virtual bank in Hong Kong

Banking tech | March 27, 2019

Standard Chartered to launch virtual bank in Hong Kong
Standard Chartered Bank is teaming up with travel-focused fintech Ctrip Finance, telecoms provider HKT and HKT’s parent company PCCW to build a new virtual bank in Hong Kong, reports Jane Connolly. Personalised services and offer the ability to open accounts and apply for financial services in real time
The strategic joint venture has been granted a virtual bank licence by the Hong Kong Monetary Authority and will be conducted under a new entity. The venture partners intend to integrate virtual banking into the service offerings for PCCW’s, HKT’s and Ctrip’s existing customer bases, provide more personalised services and offer the ability to open accounts and apply for financial services in real time.
Unique telecom, entertainment and travel propositions will also be available to customers in one place, along with financial services and products. Standard Chartered will hold 65.1% in the joint venture, while PCCW, HKT and Ctrip Finance will hold 10%, 15% and 9.9% respectively. Mary Huen, CEO of Standard Chartered Bank (Hong Kong), is due to chair the board of directors.

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