PAO Bank: Ping An OneConnect virtual bank for SME without onboarding fees

Алёна Дунаева · юрист, Family Office · May 24, 2026

Concept

PAO Bank (formerly Ping An OneConnect Bank, PAOB) is a Hong Kong virtual bank licensed by HKMA. It is a subsidiary of OneConnect Financial Technology (the fintech division of Ping An Group, listed on HKEX). Launched in September 2020 as Ping An OneConnect Bank and rebranded as PAO Bank in 2024. Deposits are insured by HK DPS up to HK$800,000.

PAO is a virtual bank for small and medium-sized businesses with fintech integration built on the OneConnect technology platform. Corporate account opening fees have been eliminated. The bank focuses on Hong Kong companies with complex treasury management needs and fintech integration requirements. Its connection to Ping An Group gives the bank access to the Lufax platform (investment products) and Ping An Bank China rails.

🍓 PAO Bank is the choice for Hong Kong companies that need a corporate account without opening fees and fintech-oriented products (integration with OneConnect, Lufax). For simple small businesses without fintech requirements — ZA Bank or Airstar.

Use Cases

Corporate account for Hong Kong companies without startup fees. Opening fees have been eliminated — this is particularly attractive for new companies where every Hong Kong dollar matters in the startup phase.

Fintech integration with OneConnect. OneConnect is Ping An's fintech platform, listed on HKEX. PAO Bank uses it as its technological foundation, giving clients access to B2B APIs and integration with ERP systems.

Transfers to mainland China via Ping An Bank rails.

Investment products through Lufax (Ping An Group's investment platform).

Who PAO Bank Is Not Suitable For

Simple retail clients without fintech requirements — ZA Bank or livi are more convenient in terms of interface.
Large international SWIFT operations — HSBC HK, Standard Chartered HK.
Non-residents of Hong Kong without a local address — strict KYC.