HKT forms virtual bank JV - Mobile World Live

HKT forms virtual bank JV

28 MAR 2019

HKT and its parent company PCCW partnered Standard Chartered Bank and travel-focused fintech Ctrip Finance to set up a joint venture to operate a virtual bank in Hong Kong.

The venture SC Digital was one of three entities issued a virtual bank licence by the Hong Kong Monetary Authority this week. The JV will focus on retail banking, and delivering products and services through a mobile app.

Standard Chartered Bank has a 65.1 per cent stake in SC Digital, while HKT holds a 15 per cent interest, PCCW 10 per cent and Ctrip Finance a 9.9 per cent stake.

In a statement, HKT and PCCW said they see the joint venture as a significant business opportunity, as it will enable them to integrate virtual banking into the service offering for their large base of customers.

Susanna Hui, HKT group MD, said: “The addition of banking services to our digital ecosystem highlights an essential part of our integrated platform for consumers and merchants, and is a natural extension of our product offerings and relationship with our customers. We look forward to working with Standard Chartered and Ctrip Finance to provide a seamless and secure digital platform for customers to manage their financial matters.”



Joseph Waring

Joseph Waring joins Mobile World Live as the Asia editor for its new Asia channel. Before joining the GSMA, Joseph was group editor for Telecom Asia for more than ten years. In addition to writing features, news and blogs, he...

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