Tencent-backed Fusion bank is officially open for business, making the final entrant and completing the full virtual banking roll-out.
After first its initial trial in October this year, Fusion Bank has now fully launched in Hong Kong, making it the eighth and final licensed virtual bank to enter the market.
In addition to Chinese fintech giant Tencent, the digital lender is also backed by ICBC’s Hong Kong arm, the Hong Kong Exchanges and Clearing, Hillhouse Capital and Perfect Ridge.
WeChat Connectivity
Fusion Bank will be the first virtual player to link accounts to WeChat Pay HK, opening up an «extensive network of local spending and cross-border payment» for usage in Hong Kong, China and Macau. In addition, it is also the first to offer foreign exchange services which cover Hong Kong dollars, Chinese yuan and U.S. dollars.
Not unlike its competitors, Fusion Bank will attempt to lure new customers partly by offering attractive interest rates. It will offer for 5 percent per annum interest for three-month Hong Kong dollar deposits during its initial promotional period, limited to 40,000 customers and HK$38,000 ($4,900) per account.
