Who is Leading the Virtual Bank Race in Hong Kong?

In 2019, the Hong Kong Monetary Authority licensed eight virtual banks. These eight firms are: ZA Bank, Mox Bank, WeLab, Airstar, Livi, PAOB, Ant Bank and Fusion. Amongst the eight virtual banks in Hong Kong, this represents an average annual revenue opportunity of HKD 9.5 billion (US$1.2 billion), and equates to an average revenue market of about 2.4% per virtual bank.