Hong Kong's Internet banking industry has often been criticised for lagging behind the rest of the world. HSBC only started offering online services in August, when even Finland - not known for banking innovations - had its first Internet bank in the early 1990s.
The Internet arena is a tempting one for banks as they can drastically cut costs by offering services online.
Hong Kong's banks may have taken a particularly conservative approach to offering online services but appear to have finally realised that such savings cannot be ignored forever.
A leading academic believes Hong Kong banks now find themselves in an excellent position to capitalise on online banking opportunities offered by the territory's proximity to China.
Dr Andy Lowe is a lecturer in marketing at the University of Strathclyde and an expert in Internet banking.
He feels Hong Kong's slow pace of development in online banking may prove more of a boon than a hindrance.
