8 Virtual Banks in Hong Kong Compared [2026]

As an international financial centre ranked 3rd in the Global Financial Centres Index in 2025, Hong Kong has one of the most developed banking ecosystems in the region, structured under a three-tier banking system.

In recent years, virtual banks have entered this environment as a fully digital alternative to traditional banking, and they are reshaping the banking landscape by offering accessible, cost-effective services focused on digital platforms. A Hong Kong Association of Banks survey found that 66.4% of individuals and 63.7% of SMEs have been using digital banking services for over 2 years, with the vast majority relying on them for at least half of their banking needs.

If you're interested in exploring virtual banking in Hong Kong and wondering which options are available, this article is for you. We’ll take a closer look at all the virtual banks in Hong Kong, analysing their key features, fees, and other important details to give you all the information to choose the right virtual bank for your needs.

In Hong Kong, “virtual bank” means a fully licensed bank that operates without branches. These are real banks under the HKMA's rulebook. 

The HKMA issued the first virtual banking licenses in 2019, with ZA Bank launching as Hong Kong's first virtual bank in March 2020. 7 others followed shortly after, all operating under the same regulatory framework as traditional banks.

What sets Hong Kong apart from many other regions is that ‘Virtual Bank’ (and now ‘Digital Bank’) is a specific regulatory term, and there is a digital banking licence that differs from a banking licence. In other markets around the world, digital banks are usually offshoots of traditional banks, and they are not a distinct regulatory category.

These digital-only banks, built on advanced financial technology, have attracted millions of users with competitive interest rates, lower fees, and instant account opening. 

In late 2024, the HKMA officially changed the nomenclature from "virtual banks" to "digital banks", though "virtual bank" remains the more commonly used term.

Traditional banks have physical branches, while virtual banks operate entirely online without any branch locations.

Without the overhead of physical branches, virtual banks have lower operating costs, which allows them to offer higher savings account rates (typically 2-5% APR compared to 0.25-1% at traditional banks) and better rewards programmes.

Both are fully licensed and regulated by the HKMA, and virtual banks can perform the same banking operations as traditional banks.

All 8 virtual banks launched between 2020 and 2021 after receiving licenses from the HKMA in 2019 to provide comprehensive financial services. No new licenses have been issued since.

1. ZA Bank – First virtual bank, launched in March 2020.
2. Airstar Bank – Backed by Xiaomi.
3. WeLab Bank – Homegrown fintech, retail banking focus.
4. Livi Bank – Joint venture (BOC, JD Digits, Jardine Matheson).
5. Mox Bank – Standard Chartered partnership.
6. Ant Bank – Ant Group (Alibaba) subsidiary.
7. PAO Bank – Formerly Ping An OneConnect Bank.
8. Fusion Bank – Tencent-backed.

Before comparing differences, here's what all 8 banks share as the foundation of virtual banking in Hong Kong.

All virtual banks offer:

• HKMA licensing and regulation
• Deposit Protection Scheme coverage (up to HKD 800,000)
• 24/7 mobile app access
• Support for FPS (Faster Payment System) for free local transfers
• Similar CHATS (Clearing House Automated Transfer System ) rates for HKD transfers
• Quick account opening for Hong Kong residents
• HKID and Hong Kong residential address required

• Hong Kong residential address required
• Hong Kong mobile phone number for verification
• Apply through the bank app
• Account is typically approved within minutes to 24 hours

For Foreign Residents: Foreign residents living in Hong Kong need an HKID (permanent or non-permanent) to open personal virtual bank accounts. Non-residents without an HKID cannot open personal accounts at most virtual banks.

For Business Accounts: Only 6 banks offer business accounts and requirements typically include:

• Hong Kong company registration
• Valid Business Registration Certificate
• Director Identification Documents (HKID or passport)
• Proof of Business Address
• Company Incorporation Documents 

Account opening fees range from completely waived (Ant Bank, PAO Bank, Fusion Bank) to HKD 1,500-8,000, depending on the bank and company structure.

Foreign-owned companies and businesses with overseas directors are generally accepted, though requirements and approval criteria vary by bank. Processing time is typically 3-7 business days, longer than personal accounts due to enhanced due diligence requirements.

The tables below provide a side-by-side comparison of all 8 licensed virtual banks in Hong Kong. We've organised the data into three categories: personal banking features (currencies, cards, savings rates), business banking options (loans, fees, currencies), and their unique features as well as their customer support availability. 

Use these comparisons to identify which banks align with your specific needs, whether you're looking for the best savings rates, multi-currency support, a better banking experience, or business financing options.

Note: Time deposit rates are accurate as of January 30, 2026. Rates are subject to change.

Multi-currency leaders: ZA Bank, Airstar, WeLab, and Mox support 10-11 currencies, ideal for frequent travellers or those receiving international payments. Livi, PAO, Fusion, and Ant Bank stick to the essential trio of HKD, USD, and CNY, which covers most Hong Kong residents' daily needs.

Best savings rates: Airstar leads with 2.70% on 12-month HKD time deposits, followed by Mox and PAO at 2.60%. Livi's tiered structure requires a minimum balance of HKD 50,000 to earn the higher 2% rate, making it less competitive for savers prioritising returns.

Physical card access: Only four banks issue physical cards. Airstar provides a Visa Platinum card with global ATM access. ZA Bank and WeLab offer Visa and Mastercard® Debit cards with free withdrawals at major ATM networks. Mox's numberless card works at JETCO ATMs (free) but charges HKD 20-30 elsewhere, while Mox credit cards are the only ones available in this category.

Limited cash access: Livi, Ant Bank, Fusion, and PAO don't issue physical cards, making cash withdrawals difficult. You'll need to transfer funds to a traditional bank account with ATM access or rely entirely on digital payments, a consideration if you regularly need cash.

Note: WeLab and Mox do not support Business Accounts and are not included in this table.

*Several banks participate in the government's SME Financing Guarantee Scheme (SFGS), which can provide additional financing options with government backing. Loan amounts, terms, and eligibility vary by bank and product.

Multi-currency leader: ZA Bank is the only virtual bank offering a true multi-currency business account with 11 currencies, making it the clear choice for businesses handling diverse international payments or maintaining balances across multiple currencies. All other banks support the standard HKD, USD, and CNY trio (except for Ant Bank).

Diverse lending options: PAO Bank offers the highest secured loan amount at HKD 40 million, alongside multiple loan products tailored to different business needs, including personal loans, trade finance and short-term working capital. Livi and Ant Bank follow with unsecured loans up to HKD 8 million and HKD 5 million, respectively, whilst ZA Bank caps at HKD 4 million.

No opening fees: Three banks, namely Ant Bank, PAO, and Fusion, waive account opening fees entirely. ZA Bank charges HKD 1,500, whilst Livi sits in the middle at HKD 1,200. Airstar's fees vary significantly (HKD 850-8,000) depending on company structure and complexity.

Government-backed financing: Livi, PAO, and Fusion participate in the SME Financing Guarantee Scheme, which can provide loans up to HKD 18 million with government backing for eligible businesses. This significantly expands lending capacity beyond standard offerings, though specific terms and product availability vary by bank.

Round-the-clock support: Four banks, namely ZA Bank, Airstar, Mox, and PAO, offer 24/7 customer service hotlines, providing assistance outside traditional banking hours. WeLab extends coverage until 10:30 pm daily, whilst Livi, Ant Bank, and Fusion operate only during business hours.

Rewards and cashback: Mox leads with unlimited 1-3% cashback on all spending, peaking at 3% for supermarkets. Livi's Shake Shake offers gamified cashback up to 10% after payments. ZA Bank's StockBack programme uniquely rewards spending with stock rebates rather than cash.

Specialised services: ZA Bank and WeLab cater to investors through crypto trading, US stocks (Bitcoin/Ethereum) and robo-advisory services, respectively. Ant Bank deeply integrates with the AlipayHK ecosystem, serving 4.2+ million users. Fusion connects with WeChat Pay HK for Mainland China merchant access. PAO leads in SME financing with multiple industry awards.

The best virtual bank depends on how you'll actually use it. A frequent traveller needs different features than someone managing payroll for a small business. Below, we've organised the key scenarios to help you quickly identify which banks align with your specific situation.

If you frequently send or receive money across borders, currency support and foreign exchange rates can significantly impact your costs. Multi-currency accounts allow you to hold balances in different currencies without constant conversions, whilst 24/7 FX trading gives you flexibility to exchange when rates are favourable.

Best for multi-currency: ZA Bank (11 currencies), Airstar (10), Mox (10), WeLab (multi-currency wallet)

Best for China remittance: Airstar (cross-border WeChat remittance with faster processing)

Best FX rates: ZA Bank and Airstar (both offer 24/7 FX trading for better rate timing)

Business multi-currency: ZA Bank (only true multi-currency business account with 11 currencies)

Interest rates on time deposits vary significantly between banks, and cashback programmes can add meaningful value to everyday spending. If you're looking to grow your savings or earn rewards on purchases, these features should influence your choice.

Best time deposit rates (HKD 12-month): Airstar (2.70%), Mox (2.60%), PAO (2.60%), Ant Bank (2.50%)

Best cashback rewards: Mox (1-3% unlimited tiered based on balance), Livi (Wishing Tree instant rewards up to 100%)

Investment tools: WeLab (GoWealth robo-advisory from HKD 100), ZA Bank (stock & crypto trading)

Unique rewards: ZA Bank StockBack (earn stock rebates 1-2% instead of cash)

Access to working capital can be crucial for business growth. Virtual banks offer varying loan amounts and specialise in different business segments, from startups to established SMEs. Some participate in government-guarantee schemes that can extend lending capacity.

Highest loan amounts: PAO (up to HKD 40M secured, multiple SME products), Livi (up to HKD 8M unsecured)

Best for startups: ZA Bank (companies 1+ years eligible), Fusion (Start-Up Loan for companies 1+ year)

SME-focused services: PAO (award-winning SME financing with 5+ industry awards), Fusion (flexible business loan facilities)

Government-backed financing: Livi, PAO, and Fusion participate in SFGS for up to HKD 18M with government backing

If you primarily need basic banking services, such as deposits, transfers, and a card for daily spending, focus on customer support availability, card options, and ease of use rather than advanced features you won't use, such as wealth management or trading services.

24/7 customer support: ZA Bank, Airstar, Mox, Ant Bank, PAO, Fusion

Physical card options: ZA Bank (Visa Debit), Airstar (Visa Platinum), WeLab (Mastercard Debit), Mox (numberless hybrid card)

Best cashback: Mox (up to 3% unlimited at supermarkets, 2% with premium tier requiring HKD 250K+ balance)

E-wallet integration: Ant Bank (deep AlipayHK integration), Fusion (WeChat Pay HK)

Statrys is a Hong Kong-based fintech company focused on providing modern, easy-to-use payment services for SMEs. While technology drives the platform, we have always believed that real support still comes from people. This is why every client works with a dedicated account manager, someone who understands their business and can step in quickly whenever help is needed.

Today, we work with more than 10,000 SMEs worldwide, and with a Trustpilot score of 4.6 out of 5, we are proud that our focus on service quality continues to be recognised by the businesses we support.

Our multi-currency business account is available to companies registered in Hong Kong, Singapore, or the BVI, and the entire application can be completed online, even if you are based overseas.

• Launch Date: 2020
• Type of accounts offered: Multi-currency business accounts
• Other services: Foreign exchange, Hong Kong and Singapore company incorporation services, and free invoicing tools for business clients
• Eligibility criteria: Companies must be registered in Hong Kong, Singapore, or the BVI.
• Time for opening an account: 96% of the approved clients have their accounts opened in less than 3 days.
• Channels of Contact: Customer enquiry hotline at +852 5803 2818, WhatsApp +852 6452 3564, email support@statrys.com, live chat on the website, and WeChat.
• Customer service hours: Monday to Friday, from 10 am to 7 pm Hong Kong time

✅ Multi-currency business account supporting 11 major currencies (HKD, RMB, AUD, CAD, CHF, EUR, GBP, JPY, NZD, SGD, and USD)

✅ Local payment in 12 currencies, including AUD, USD, THB, VND, INR, EUR, GBP, PHP, SGD, IDR, TRY, KRW

✅ International payments via SWIFT

✅ FX services including spot orders to convert currencies at the available market rate

✅ Integrations with Xero and major online marketplaces

✅ Dedicated account manager who assists with onboarding, account-related queries, and day-to-day payment or compliance support