The average savings customers are willing to place in virtual banks is HK$106,850, suggesting a potential market size of HK$152 billion, a survey from Field Resource Consultant showed. In August, only 4 percent of respondents had virtual bank accounts, compared to 7 percent by December. Eight virtual banks were awarded licenses by the Hong Kong Monetary Authority in the first half of 2019 and launched around year-end. As of December, the most used virtual banks by survey respondents were ZA Bank, Airstar Bank, Ant Bank (Hong Kong) and MOX. “We believe that the existing payment functions of virtual banking are insufficient to satisfy the consumers’ needs,” said Walter Chan, managing director and head of User Research of Field Resources Consultant.

Source: The Standard December 29, 2020 11:03 UTC