Hong Kong’s ZA Bank has become the first of the eight virtual banks that won banking licenses in 2019 to launch services. In December 2019, it started the trial run within the HKMA’s FinTech Supervisory Sandbox. ZA Bank’s initial service offering allows around 2000 users to try its services that include remote account opening, multi-currency savings account, time deposits, local transfers, and e-statements. ZA Bank and seven other players have opted to go for licenses to become a neobank. However, that is not the only way to establish a neobank, and this is what we will discuss in this article.
