In 2019 the HKMA issued eight licences to branchless banks — and stopped there: the regulator has made it clear no new ones are planned. Since October 2024 the category is officially called licensed digital banks: the Chinese 虗擬 ("virtual") read as "not real", even though these are ordinary banks by licence — the same capital and AML requirements, with deposits covered by the Deposit Protection Scheme up to HK$800,000 per depositor (the limit was raised from HK$500,000 on 1 October 2024). Data as of July 2026.
The map
All eight launched in 2020–2021: ZA Bank was first, Fusion last in December 2020. By end-2023 the sector served 2.2 million depositors with HK$37.5 billion in deposits (+23% year on year), per the HKMA review. Profitability arrived in years five and six: ZA Bank turned profitable first (a monthly profit in July 2024, a profitable first half of 2025), WeLab hit monthly break-even in December 2024, and Mox reached break-even in the first quarter of 2026.
| Bank | Shareholder | Segment | Non-resident access |
|---|---|---|---|
| ZA Bank | ZhongAn Online (ZhongAn Technologies International) | retail + Hong Kong company accounts; stocks/ETFs and crypto | retail — Hong Kong ID; corporate account for an HK company opens online in 1–3 days |
| Mox | Standard Chartered (HK) ≈65% + HKT, PCCW, Trip.com | retail only: card, 9-currency wallet, Mox Invest | HKID or a document with a Hong Kong address |
| WeLab Bank | WeLab Group — homegrown HK fintech | retail only: GoSave deposits, GoWealth funds | no: HKID and a Hong Kong phone number required |
| Ant Bank | Ant Group (Ant International) | retail around AlipayHK + SME lending | Hong Kong Permanent ID required; little chance without a local footprint |
| PAO Bank | Lufax Holding (Ping An group) | SME, no retail storefront; B2B APIs | strict KYC; offshore structures without an HK footprint taken reluctantly |
| Fusion Bank | Tencent + ICBC (Asia) + HKEX and others | retail + corporate accounts for WeChat Pay HK merchants | in practice no: HKID and address; for companies — UBOs with HKID and a personal account at the bank |
Two more licensees complete the map: livi, a joint venture of BOC Hong Kong, JD.com and Jardines focused on transfers to mainland China, and Airstar, backed by Xiaomi and known for high deposit rates.
Niches: retail, China, SME
Retail and investments. ZA Bank is the largest of the eight: HK$21.1 billion in deposits as of 30 June 2025, over 1 million customers, the first with an SFC Type 1 licence (stocks and ETFs in the app) and the first bank in Asia to open retail crypto trading (BTC and ETH via the HashKey exchange, since November 2024). Mox plays premium retail: a numberless card, a nine-currency wallet, the Mox+ tier and fast-growing Mox Invest. WeLab is the only one fully owned by a homegrown fintech group: GoSave deposits from HK$10 and the GoWealth robo-advisor with fund entry from HK$100.
The China corridor. Fusion was the first to plug in WeChat Pay HK and runs on Tencent and ICBC (Asia) rails; Ant Bank builds the banking layer next to AlipayHK — in April 2025 Ant International injected US$100 million into the bank; livi plays on transfers to the mainland.
SME. PAO Bank (formerly Ping An OneConnect Bank; owned by Lufax of the Ping An group since April 2024) offers a corporate account with no opening fee and no minimum balance, B2B APIs and Ping An payment rails into mainland China. ZA Bank takes startups as their first account, and Fusion opens corporate accounts for WeChat-profile merchants — but only for Hong Kong companies with single-tier ownership and UBOs holding HKID.
Non-resident access and sanctions
A retail account without HKID is unavailable almost everywhere: Mox accepts a document with a Hong Kong address as an alternative, WeLab requires HKID plus a local phone number, Ant a Permanent ID. The corporate route exists only for Hong Kong companies with genuine local activity: PAO is reluctant to take offshore structures without a local footprint, and Fusion requires directors and UBOs to hold personal accounts at the bank.
Virtual banks do not work with Russian profiles directly: Fusion says a plain no, and Ant Bank requires a separate sanctions review before any contact with the bank. Non-resident scenarios are better built through traditional banks — see the guide to opening a bank account in Hong Kong.
Who it suits
A resident with HKID — as everyday retail: ZA and Mox for the interface and investments, WeLab for savings. A Hong Kong operating company — as a fast first account: ZA for a general profile, PAO for SMEs settling with China, Fusion for WeChat Pay merchants.
It does not suit a non-resident without a local footprint, large international SWIFT flows or private banking needs — that is traditional banks' territory. The full map of the jurisdiction is in the Hong Kong hub; the global context of digital banking is in the neobanks overview.
FAQ
How many virtual banks are there in Hong Kong?
Eight, all licensed in 2019: ZA, Mox, WeLab, livi, Fusion, Ant, PAO and Airstar. The HKMA has signalled it does not plan new licences, and since October 2024 the category is officially called licensed digital banks.
Can a non-resident open an account with a Hong Kong virtual bank?
Retail — effectively no: HKID is required everywhere (Mox alternatively accepts a document with a Hong Kong address). Corporate — only for a Hong Kong company with a local footprint (ZA, PAO, Fusion).
Are deposits in virtual banks insured?
Yes, on par with traditional banks: the Deposit Protection Scheme covers up to HK$800,000 per depositor per bank (the limit has applied since 1 October 2024).
Which Hong Kong virtual bank is the largest?
ZA Bank: HK$21.1 billion in deposits as of 30 June 2025, over a million customers and the sector's first sustained profit.