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Standard Chartered leads joint venture for virtual bank in Hong Kong

Standard Chartered, HKT, PCCW and Ctrip will develop a digital virtual bank.

Several organisations have come together in Hong Kong to develop a virtual bank.

Standard Chartered (Hong Kong) Ltd, PCCW Limited, HKT Trust and HKT Limited, and Ctrip Financial Management (Hong Kong) Co Limited have entered into a joint venture in order to deliver a new standalone digital retail bank.

The joint venture will be conducted under a new entity which has just been granted license to operate a virtual bank by the Hong Kong Monetary Authority (HKMA).

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Standard Chartered will lead the joint venture with 65.1%. It is hoped that PCCW, HKT and Ctrip will be able to integrate virtual banking into their service offerings within Hong Kong.

Mary Huen, CEO of Standard Chartered Hong Kong, is on the Board of Directors for the joint venture and has stated: “As the oldest note issuing bank in Hong Kong, Standard Chartered has been servicing the community for 160 years. Today, we are delighted to be among the first to receive a virtual bank license.”

She added that the partners involved are “in a strong position to provide a diverse financial solution to redefine the banking experience for customers in Hong Kong”.

Susanna Hui, Executive Director and Group Managing Director of HKT, also on the board, stated: “We look forward to working with Standard Chartered and Ctrip Finance to provide a seamless and secure digital platform for customers to manage their financial matters.”