7 out of 8: PingAn OneConnect Launches
Chinese insurance giant Ping An’s virtual banking arm, OneConnect Bank, has launched in Hong Kong to become the seventh out of eight licensed players to open for business.
Wholly-owned by OneConnect, PingAn’s fintech division, the virtual bank will follow in the footsteps of its preceding rivals by luring new clients with attractive interest rates.
Retail depositors can earn 1 percent per annum alongside cash reverts from newly opened accounts.
SME Focus
In addition, Ping An OneConnect Bank will also target small businesses through its lending service, «Trade-Connect Loan», to provide certain SME customers in Hong Kong access to loans of up to HK$2 million ($260,000) within five business days at 8-12 percent interest rate.
The launch marks the seventh entrant into Hong Kong’s virtual banking market with Tencent-backed Fusion Bank as the eighth and final entrant.
