Ant Bank (Hong Kong), a subsidiary of Jack Ma Yun's Ant Group, began operations today, offering annual interest rates up to 2.5 percent on deposits for HK$20,000 or below. Opening an account takes about three minutes, and can be done remotely using the Hong Kong permanent identity card, accourding to the bank. Users will get 24/7 banking services, which include money transfer and access to high yield “Libra Savings” accounts with annual interest rates up to 2.5 percent on deposits, the bank said. Ant Bank will partner with AlipayHK to integrate banking services into consumer needs such as clothing, food, rent, transportation and entertainment. In addition, more than two million current AlipayHK users will be able to open an Ant Bank account remotely through Ant Bank’s Mini App in their existing e-wallet app, it added.

Source: The Standard September 28, 2020 09:56 UTC