A pedestrian walks past an HSBC branch in Hong Kong. The bank will eliminate more fees from November to fend of competition. Photo: BloombergA pedestrian walks past an HSBC branch in Hong Kong. The bank will eliminate more fees from November to fend of competition. Photo: Bloomberg
A pedestrian walks past an HSBC branch in Hong Kong. The bank will eliminate more fees from November to fend of competition. Photo: Bloomberg

HSBC plans to eliminate more banking fees in Hong Kong as virtual lenders disrupt troubled industry

  • Decision to trim fees follows a move in August last year that forced rivals to respond to protect their customer base
  • Five out of eight virtual banks have started operations in Hong Kong despite the pandemic, with incentives to lure deposits away from traditional lenders

Topic |   Banking & Finance
A pedestrian walks past an HSBC branch in Hong Kong. The bank will eliminate more fees from November to fend of competition. Photo: BloombergA pedestrian walks past an HSBC branch in Hong Kong. The bank will eliminate more fees from November to fend of competition. Photo: Bloomberg
A pedestrian walks past an HSBC branch in Hong Kong. The bank will eliminate more fees from November to fend of competition. Photo: Bloomberg
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