StanChart sets up virtual bank team

Business | Gary Poon 3 Apr 2019

Standard Chartered Hong Kong chief executive Mary Huen Wai-yi said the bank has set up a team of 100 staff for its new virtual bank, and expects that it will recruit even more diversified talent from a range of experiences in the future.

She said that the virtual bank is an independent brand, without disclosing details, but added it will focus on basic borrowing and lending business in the initial stage.

Huen expects that the virtual bank will open in the next six to nine months and the team is preparing anti-money laundering techniques, identity verification and online account set-up.

The virtual bank does not have any savings amount limit and the requirement of opening an account would be lower than traditional banks, she added.

She emphasized that the virtual bank targets retail firms and small-and-medium corporations and it will develop in line with Standard Chartered Hong Kong.

The bank wants to bring the banking service into customers' daily lives, she said.

A consortium of Standard Chartered Hong Kong, HKT(06823) and PCCW(0008) was awarded one of the three virtual bank licenses.

Ping An Insurance's (2318) Ping An Technology was granted the A-type and B-type services provider for the Hong Kong government's eID system.

The government would offer eID to all Hong Kong citizens for identity verification when doing online trading.

Meanwhile, the Hongkong and Shanghai Banking Corporation yesterday announced that all personal credit card holders will be able to transfer their earned RewardCash to families and friends free via the HSBC Reward+ app.

The bank reported double-digit growth in credit card spending after launching the HSBC Reward+ app in January, 2018.

Amy Kam, head of cards and personal lending, retail banking and wealth management, said that HSBC has issued 4 million credit cards.

The new app has recorded about 450,000 downloads and over 1 million transactions paid with RewardCash.

As for virtual banking, Greg Hingston, head of retail banking and wealth management, said HSBC has a leading digital wallet and will continue to introduce new digital solutions.

In other news, BOC Life yesterday launched BOC Life Deferred Annuity (Fixed Term), a qualifying deferred annuity plan certified by the Insurance Authority under which policy owners who are annuitants, may enjoy a tax deduction. By paying premiums for just five years, the plan will provide one with a guaranteed monthly annuity income for 10 years, whose premiums could be paid in a lump sum with interest.

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