Just weeks after filing its IPO, Chinese financial services giant Ant Group has launched a virtual bank in Hong Kong.
In Brief:
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Ant Bank will partner with AlipayHK to allow users to integrate banking services.
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Users will be able to set up a virtual bank account via mobile in minutes.
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Accounts can be opened remotely through the bank’s Mini App within their eWallet.
What does this mean?
Ant Group was one of eight organisations to receive a virtual banking licence from the Hong Kong Monetary Authority.
Ant Group CEO Michael Wang says that the virtual bank will offer “innovative, inclusive and secure products” and that it is part of Ant Group’s journey to providing more mature FinTech products and services.
