Hong Kong’s virtual banks tempt ‘rate war’ as ZA Bank leads with juicy 6.8 per cent on deposits

//Hong Kong’s virtual banks tempt ‘rate war’ as ZA Bank leads with juicy 6.8 per cent on deposits

Hong Kong’s virtual banks tempt ‘rate war’ as ZA Bank leads with juicy 6.8 per cent on deposits

Hong Kong’s virtual banks are likely to start an interest-rate war among themselves to lure customers and deposits from traditional lenders like HSBC and Standard Chartered, following the first salvo from a debutant this week.ZA Bank, the first of eight virtual banks to kick off their operations, offered to pay up to 6.8 per cent on three-month deposits of up to HK$100,000, according to a January 13 email seen by the South China Morning Post. The carrot, however, is limited to 2,000 clients who…

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By | 2020-01-15T00:00:20+00:00 January 15th, 2020|Business|Comments Off on Hong Kong’s virtual banks tempt ‘rate war’ as ZA Bank leads with juicy 6.8 per cent on deposits