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According to the definition by the Hong Kong Monetary Authority, a virtual bank is a bank that primarily offers retail banking services through the internet or other electronic channels instead of physical branches. The HKMA believes virtual banks can promote fintech and innovation in Hong Kong and provide customers with new experiences.

What is a virtual bank?

Licensed virtual banks in Hong Kong include ZA Bank, Airstar Bank, MOX Bank, livi bank, WeLab Bank, Ant Bank, PAO Bank, and Fusion Bank.

Which virtual banks are there in Hong Kong?

The eligibility criteria for opening a virtual bank account vary slightly depending on each bank but mainly require the following: - Being at least 18 years old - Holding a valid Hong Kong identity card - Having a Hong Kong mobile number for receiving SMS - Having a valid Hong Kong residential address

What are the eligibility criteria for opening a virtual bank account?

Deposits to virtual bank accounts can mainly be made through Faster Payment System (FPS), electronic Direct Debit Authorization (eDDA), and account number transfer.

How can the money be deposited into a virtual bank account?

Some virtual banks allow customers can withdraw cash through ATMs. Otherwise, customers have to transfer money to another bank account to withdraw cash.

How can virtual bank customer withdraw their money?

Like traditional retail banks, all virtual banks participate in Deposit Protection Scheme, and depositors are eligible for up to HK$ 500,000 in deposit protection.

Do virtual banks participate in the Deposit Protection Scheme?

 Virtual banks are neobanks that do not have physical retail presence. Their services are 100% digital and the services can range from deposit, personal loan, debit/credit card or even insurance. Learn more about the welcome offers of Hong Kong virtual banks. 

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