November 2020

Virtual Banking Apps’ Market Share Surge within Two Months and Exceeds Traditional Banking for The First Time

Since the Hong Kong Monetary Authority (HKMA) granted eight virtual banks licenses earlier in 2019, virtual banks have actively pursued traditional banking market in different ways. Compared with traditional banks, opening a virtual bank account is simpler and faster with a more attractive preferential interest rate. This bring us to a question: How Could Traditional Banks Survive in Future Financial Market?