(06 January 2021 – Hong Kong) Within two weeks of the public launch of Fusion Bank, the last of the eight virtual banks licensed by the Hong Kong Monetary Authority (HKMA), the virtual bank has managed to secure over 10,000 customers.
Fusion Bank currently provides a variety of services including savings, time deposits, local fund transfers as well as foreign exchange in HKD, CNY and USD. Customers can make local payments in HKD and CNY on Fusion Bank mobile app with a Faster Payment System (FPS) QR code.
Not unlike its competitors, Fusion Bank attempts to attract new customers partly by offering attractive interest rates. It offers a five percent per annum interest for three-month HKD deposits during its initial promotional period, which is limited to 40,000 customers and HK$38,000 ($4,900) per account.
“Being the first virtual bank for customers to bind their bank accounts to WeChat Pay HK, Fusion Bank successfully connects with Tencent’s thriving ecosystem, not only creating strategic advantages for both Tencent and Fusion Bank, but also establishing an extensive network for local spending and cross-border payment for our customers,” said Vice President of Tencent and Chairman of Fusion Bank Jim Lai.