Popularity and use of Hong Kong’s virtual banks is on the rise, finds survey by industry body HKAB

Use of virtual banks by residents and small businesses has picked up in Hong Kong, with customers gravitating towards such lenders because of their efficiency and convenience, industry body Hong Kong Association of Banks (HKAB) said on Monday.

A survey commissioned by the Virtual Banking Education Taskforce, an initiative set up by HKAB to better understand Hong Kong retailers’ impression of virtual banks, found that consumers had a predominantly positive impression of such lenders.