Fusion Bank Kicks Off Virtual Banking Soft Launch

Under the HKMA’s sandbox, Fusion Bank will provide savings and time deposits, local fund transfers, payments, and become the first virtual bank to offer FX services.

Fusion Bank on 30 September announced its soft launch, offering personal virtual bank services to 1,000 selected customers in the initial phase.

Fusion Bank – backed by Tencent, ICBC’s Hong Kong unit, HKEX, Hillhouse Capital and Perfect Ridge – was one of the virtual banks licensed by the HKMA (Hong Kong Monetary Authority) last year.

The soft launch is conducted under the HKMA’s Fintech Supervisory Sandbox (FSS). Under the sandbox, Fusion Bank will offer services to 1000 selected customers.

In the initial stage of the soft launch, Fusion Bank will offer basic personal banking services – including HKD, CNY and USD time deposits paying up to 5 percent p.a., savings accounts paying up to 1 percent p.a., and local fund transfer and payment services via FPS.

Fusion Bank is also offering foreign exchange services, making it the first virtual bank to do so.

Similar to other virtual banks, Fusion Bank promises account opening within five minutes through the use of facial recognition technology and a Hong Kong ID card.

“Fusion Bank is committed to continuously enhancing its products and user experience during soft launch in preparation of a full launch of services for the general public to create a future of virtual banking filled with possibilities,” the bank said in a statement.