Ant Bank launch marks another milestone for Ant Group’s expansion in Hong Kong ahead of mega listing
- Ant Bank will partner with AlipayHK to tap the popular e-wallet app’s two million users to open virtual bank accounts
- Ant Bank plans to introduce digital trade finance services for SMEs
Ant Bank (Hong Kong), the virtual banking arm of Ant Group, on Monday became the sixth branchless lender to start operations in the city and said that it would partner with AlipayHK to tap its two million users to avail of its services.
The lender, which recently completed a three-month trial, is following in the footsteps of its peers by offering high interest rates to draw depositors. Ant Bank is offering a 2.5 per cent interest rate for deposits of up to HK$20,000 and 1 per cent for deposits between HK$20,001 and HK$500,000. Traditional lenders offer almost no interest on savings accounts.
“We set up Ant Bank with the intention of providing increasingly mature fintech products and services to the Hong Kong market and to provide a new choice to people locally,” said Michael Wang, chief executive of Ant Bank. “We are excited to be contributing to the promotion of inclusive financial development in the city.”