20-Year Veteran Leads Third Hong Kong Virtual Bank
A 20-year financial veteran has joined PAObank as its chief which will mark the third licensed virtual lender he has led in Hong Kong.
PAObank has appointed Ronald Iu as chief executive and executive director of the board, according to a statement. In the role, he will lead PAObank’s management team to further leverage advanced financial technology, expanding its presence in SME and retail banking.
Iu has 20 years of experience in banking and finance, having previously worked at China CITIC Bank International, Standard Chartered, PrimeCredit and GE Capital. He also served as chief executive of Airstar Bank and ZA Bank. Combined with his latest role, he has led three out of Hong Kong’s eight licensed virtual lenders.
PAObank is a wholly-owned subsidiary of Chinese fintech firm Lufax and a member of Ping An Insurance. In May 2019, it was granted a license by the Hong Kong Monetary Authority to offer banking services via virtual channels.
