- Hong Kong has 8 HKMA-licensed virtual (digital) banks. They hold the same banking licence as HSBC, and eligible deposits are protected up to HK$800,000 per depositor per bank.
- They open fast and cost little. Most SMEs can open remotely in about a week, with no minimum balance.
- Six of the eight offer business accounts: ZA Bank, ELE Bank (formerly Airstar), Livi Bank, Ant Bank, PAO Bank and Fusion Bank. WeLab and Mox are personal-only.
- The catch for founders is the HKID. Every director and shareholder generally needs a Hong Kong ID to open a virtual-bank business account online.
- Licensed banks aren’t the only option. Fintech providers like Airwallex and Aspire offer digital multi-currency accounts, but they’re e-money or payment firms, not banks, so they sit outside deposit protection.
- Best all-rounder: ZA Bank, with 11 currencies and SME loans up to HK$4m.
- Best for SME lending: PAO Bank for trade finance, Ant Bank for loans up to HK$5m.
- Best for China payments: ELE Bank (formerly Airstar) or Fusion Bank.
- Personal-only: WeLab for savers, Mox for travel and cashback.
- No HKID? A virtual-bank business account won't work; use a traditional bank or a provider like Airwallex or Statrys, or incorporate with Sleek for an included Airwallex account.
Virtual banks in Hong Kong are licensed, branchless banks you run entirely from an app. For a first-time founder or SME, they answer a real frustration: opening a traditional business account can be slow and paperwork-heavy, while a virtual bank can often open within a week.
In this guide, you’ll learn:
- What a virtual bank is and whether it’s safe
- The pros and cons of all 8 virtual banks in Hong Kong
- Which ones offer business accounts, and who can open them
- How virtual banks compare with traditional banks and fintech providers
- How to open one, and how Sleek can help
What is a virtual (digital) bank in Hong Kong?
A virtual bank is a fully licensed Hong Kong bank that operates entirely through an app, with no physical branches. It offers deposits, transfers, cards and sometimes loans, all digitally. The HKMA (Hong Kong Monetary Authority) issued eight virtual banking licences between 2019 and 2021, and all eight still operate in 2026.
These are real banks, not payment apps. They hold the same class of licence as HSBC under the Banking Ordinance. In October 2024 the HKMA renamed the category from “virtual bank” to “digital bank”, so both terms now mean the same thing.
The appeal for a founder is simple:
- Open remotely in about a week, with no branch visit.
- Low or zero monthly fees and usually no minimum balance.
- Instant local transfers through the Faster Payment System (FPS).
Are virtual banks in Hong Kong safe?
Yes, they carry the same protection as traditional banks. Every virtual bank is licensed under the Banking Ordinance and supervised by the HKMA, with the same capital, risk and conduct requirements as any high-street bank.
Eligible deposits are covered by the Deposit Protection Scheme up to HK$800,000 per depositor per bank (raised from HK$500,000 on 1 October 2024). That protection applies to licensed virtual banks. Fintech providers such as Airwallex and Aspire are not banks, so their balances sit outside this scheme.
Licensed virtual banks are not the same as fintech providers. Airwallex, Aspire and Wise offer polished digital multi-currency accounts, but they're licensed as e-money or payment institutions, not banks, so their balances aren't covered by the Deposit Protection Scheme. That's not a reason to avoid them, but it's worth knowing what you're opening before you move funds.
Which Hong Kong virtual banks offer business accounts?
Six of the eight offer business accounts: ZA Bank, ELE Bank (formerly Airstar), Livi Bank, Ant Bank, PAO Bank and Fusion Bank. WeLab and Mox are personal-only. This is the first filter for any business reader, so start here before comparing features.
|
Bank |
Best for |
Business account? |
Non-resident friendly (HKID)? |
Currencies (business) |
|
ZA Bank |
Best all-rounder |
Yes |
No, all owners need HKID |
11 currencies |
|
ELE Bank (formerly Airstar) |
China / CNY remittance |
Yes |
No, all owners need HKID |
HKD, USD, CNY |
|
Livi Bank |
Everyday spending + SME loans |
Yes |
No, HKID (Mainland ID for personal) |
HKD, USD, CNY |
|
Ant Bank |
AlipayHK merchants |
Yes |
No, HKID |
HKD, USD |
|
PAO Bank (Ping An) |
SME trade finance and lending |
Yes |
No, HKID |
HKD, USD, CNY |
|
Fusion Bank |
WeChat-connected China trade |
Yes |
No, HKID |
HKD, USD, CNY |
|
WeLab Bank |
Personal savers and investors |
No |
HKID (Mainland ID accepted) |
11 (savings) |
|
Mox Bank |
Personal lifestyle and travel |
No |
HKID |
HKD, USD (savings) |
Features, fees and currencies change often. Confirm the current terms on each bank’s own page before applying.
For lending, PAO Bank and Ant Bank lead: PAO Bank focuses on SME trade finance with low documentation, and Ant Bank offers business loans up to HK$5m.
For an all-rounder, ZA Bank is the most full-featured, with 11 currencies and SME loans.
The 8 virtual banks in Hong Kong, compared
Here’s each bank through a business lens, with the pros and cons that matter most. Retail perks are noted briefly; the focus is on business suitability, currencies and eligibility.
1. ZA Bank
Hong Kong’s first virtual bank (March 2020) and the largest by user base, backed by insurtech group ZhongAn. It serves both personal and business customers and is the most full-featured all-rounder.
- Business account: yes, for single-layer companies with all owners holding HKIDs.
- Currencies: 11 (HKD, USD, CNY, EUR, GBP, SGD, AUD, CAD, JPY, NZD, CHF).
- Best for: an all-round business account plus SME loans.
Pros
- Widest currency range of the eight, for both personal and business accounts.
- SME loans up to HK$4m for companies trading at least a year.
- Low-cost global transfers to 140+ countries via ZA Remit, in partnership with Wise.
- Bank and invest in one app, including HK and US stocks, crypto and 170+ funds.
Cons
- Online business opening requires prepaying 12 months of fees (around HK$1,500).
- No dedicated business card yet.
- Top savings rates often need tasks or promotions, not a simple base rate.
- All directors and shareholders must hold an HKID.
2. ELE Bank (formerly Airstar)
Launched in 2020 as Airstar (Xiaomi and AMTD) and rebranded to ELE Bank in 2026 after online broker Futu became the controlling shareholder. Its lasting strength is Mainland China remittance.
- Business account: yes, for HK-registered companies with all owners holding HKIDs.
- Currencies: HKD, USD, CNY.
- Best for: China and CNY remittance.
Pros
- Strong Mainland China remittance, with transfers to WeChat Pay users arriving in as little as an hour.
- No account management fees and no minimum balance.
- Instant FX between HKD, USD and CNY.
- Dedicated corporate internet banking portal for business customers.
Cons
- Business currencies limited to HKD, USD and CNY.
- Business card offering is unclear.
- China-focused strengths matter less if you don’t trade with the Mainland.
- All owners must hold an HKID.
3. Livi Bank
Backed by Bank of China (Hong Kong), JD Technology and Jardine Matheson. Retail-first around lifestyle rewards, but it has expanded into SME banking.
- Business account: yes, but you must open a personal liviSave account first.
- Currencies: HKD, USD, CNY.
- Best for: everyday spending plus SME instalment loans.
Pros
- Everyday rewards across the Jardine retail network (7-Eleven, Maxim’s, Starbucks).
- SME instalment loan for growing businesses.
- Free instant FPS transfers, plus USD via RTGS.
- Backed by Bank of China (Hong Kong) for added trust.
Cons
- You must open a personal account before a business one.
- Rarely tops the market on savings rates.
- Chance-based rewards (Shake Shake) rather than guaranteed cashback.
- Directors and controllers need an HKID or Mainland ID.
4. Ant Bank (Hong Kong)
The AlipayHK-integrated bank from Ant Group (Alibaba). Best if your business already runs through the AlipayHK ecosystem.
- Business account: yes, for companies registered and operating in Hong Kong for over a year.
- Currencies: HKD, USD.
- Best for: AlipayHK merchants and SME lending.
Pros
- Deep AlipayHK integration, so you manage the account inside the AlipayHK app.
- Business loans up to HK$5m.
- Fund investing from as little as HK$1.
- Natural fit for e-commerce merchants in the Alipay ecosystem.
Cons
- Business currencies limited to HKD and USD.
- Little value if you don’t use AlipayHK or Taobao.
- Fewer traditional products such as varied time deposits or general loans.
- The major beneficial owner must hold an HKID.
5. PAO Bank (Ping An Digital Bank)
Formerly Ping An OneConnect Bank, part of Ping An Group. The most business-focused of the eight, built around SME lending.
- Business account: yes, for HK-incorporated companies, with a fully online application.
- Currencies: HKD, USD, CNY.
- Best for: SME trade finance and low-documentation loans.
Pros
- Built for SMEs, with trade finance and low-documentation loans.
- Fully digital business onboarding.
- No minimum balance and no monthly fees, plus no-fee currency exchange.
- Strong corporate backing from Ping An Group.
Cons
- Retail features are minimal by design.
- Eligibility criteria can exclude some startups or sole traders.
- No lifestyle rewards or cashback.
- HKID verification required.
6. Fusion Bank
Backed by Tencent and ICBC (Asia), and the first virtual bank to connect to WeChat Pay HK. It suits SMEs with regular Mainland China activity.
- Business account: yes, for single-layer HK-registered businesses whose owners hold HKIDs and a Fusion personal account.
- Currencies: HKD, USD, CNY.
- Best for: WeChat-connected China trade.
Pros
- Direct WeChat Pay HK integration for China-connected merchants.
- Real-time FX between HKD, USD and CNY.
- Cross-border loan with WeBank for SMEs expanding through Hong Kong.
- No opening fee and no minimum balance.
Cons
- Much of its value depends on the WeChat ecosystem.
- Rewards and promotions are lighter than lifestyle-focused rivals.
- Slower to broaden its product range.
- Owners need an HKID and a Fusion personal account.
7. WeLab Bank
Hong Kong’s only homegrown virtual bank, focused on retail savers and investors. It does not offer business accounts.
- Business account: no, personal only.
- Currencies: 11 for savings.
- Best for: individual savers, investors, and Apple or Tesla financing.
Pros
- 11 currencies available for savings.
- Curated investment funds and digital wealth advisory from HK$100.
- Apple and Tesla financing plans unique among the eight.
- Start saving from as little as HK$10.
Cons
- No business accounts.
- Foreign-currency handling is lighter than some rivals.
- Rewards less extensive than Mox or ZA Bank.
- Best rates can depend on tenor or participation.
8. Mox Bank
Standard Chartered’s virtual bank, built around lifestyle, travel and spending. It does not offer business accounts.
- Business account: no, personal only.
- Currencies: HKD and USD for savings.
- Best for: frequent travellers who want cashback and in-app investing.
Pros
- 2% unlimited cashback (3% at HK supermarkets) with zero FX fees on the card.
- HK and US stock trading, including fractional shares.
- Daily interest on HKD and USD savings.
- Numberless all-in-one card for added security.
Cons
- No business accounts.
- Limited multi-currency for holding or transacting.
- Mox Credit needs separate approval.
- Base savings rates trail savings-focused banks.
No HKID doesn't mean no Hong Kong account. Every virtual-bank business account needs HKID-holding owners, but a provider like Airwallex or Aspire accepts a passport and no HK residency. If your directors are overseas, plan around a fintech provider or a traditional bank from the start.
How do you choose the right virtual bank for your business?
Pick on your single biggest priority, then check the rest. Once the HKID and business-account filters are met, the clear verdicts are:
- Best all-rounder: ZA Bank, the broadest option with 11 currencies.
- SME lending and trade finance: PAO Bank for low-doc trade finance, Ant Bank for loans up to HK$5m.
- China and CNY payments: ELE Bank or Fusion Bank.
- Widest currency choice: ZA Bank, or a fintech provider like Airwallex if you need many at once.
- Personal use: Mox for travel and cashback, WeLab for savers and investors.
Beyond the headline verdict, weigh five practical factors:
- Fees and minimums: check the business tariff and any prepaid service requirement, not just the personal one.
- FX and transfer costs: compare the FX margin and per-transfer fees, which move more money than a monthly fee.
- Accounting integration: confirm whether the account connects to accounting software like Xero or QuickBooks.
- Multi-user access: for a team, look for role-based permissions and multiple corporate cards with spending limits.
- Support: responsive live chat, phone lines, and for larger businesses a dedicated account manager.
If cross-border payments are core to your business, weigh a dedicated provider too.
Can a non-resident or foreign founder open a virtual bank account?
For a business account, usually not. All six virtual banks that offer business accounts require every director, shareholder and beneficial owner to hold a valid HKID. If even one owner is a foreign, non-HKID holder, a standard online application won’t go through.
If your company has non-resident owners, you have three realistic routes:
- A traditional bank (HSBC, Hang Seng, DBS): established processes for non-resident directors, but slower onboarding and a higher chance of rejection.
- A fintech provider such as Airwallex or Aspire: built for Hong Kong companies with foreign directors, with a fully online application that accepts passport ID instead of an HKID.
- Sleek plus Airwallex: incorporate remotely and get a multi-currency business account set up together, covered below.
For personal accounts, the rules loosen slightly: Livi and WeLab accept Mainland Chinese residents applying in person with a Mainland ID and Exit-Entry Permit. That doesn’t help a foreign-owned company, though.
Are virtual banks better than traditional banks in Hong Kong?
For a straightforward local SME, usually yes; for credit and complex needs, not always. The two solve different problems.
- Virtual banks open in about a week, cost little, and run entirely from an app. The trade-offs: business accounts generally need HKID-holding owners, currencies are narrower, and lending is limited.
- Traditional banks (HSBC, Hang Seng, DBS) offer credit, corporate cards and established processes for non-resident directors, but onboarding is slower and approval is tougher.
A common founder question in our calls is “is it difficult to open a bank account with HSBC?” The honest answer: it can be, which is exactly why virtual banks and fintech providers exist. Many founders open a virtual bank first for speed, then add a traditional bank later if they need credit.
Who should use a virtual bank in Hong Kong?
Startups and SMEs that want a fast, low-cost, digital-first account, with all owners holding HKIDs. A virtual bank fits best when your banking is domestic, your currencies are mostly HKD, USD and CNY, and you value speed over branch access.
You might still need a traditional bank or a fintech provider if:
- Any director or shareholder is a non-resident without an HKID.
- You need business credit, wider trade finance, or a relationship manager.
- You handle many currencies or heavy FX, where a dedicated provider often wins.
Foreign founders in particular hit the HKID wall, so plan your route early. If you’re still setting up the company, start with how to open a business bank account.
How do you open a virtual bank account in Hong Kong?
Most accounts open online in a few days to about a week. The steps are similar across banks.
- Download the bank’s app and enter your details and HKID number.
- Verify your identity with a photo of your HKID and a short selfie or video check.
- For a business account, add company documents: Business Registration Certificate, Certificate of Incorporation, and ID for all directors and beneficial owners.
- Wait for approval, typically one to five working days for a simple structure.
Applications with complex ownership, corporate shareholders or non-HKID directors take longer and may be referred for offline review.
How Sleek helps you open the right account
Choosing between eight virtual banks, a handful of fintech providers and the traditional banks is the hard part. Sleek banking support helps you pick and open the right account, whether that’s a virtual bank, a fintech provider or a traditional bank.
With Sleek, you can:
- Match the account to your needs: fast digital setup, multi-currency, or a traditional bank for credit.
- Get an Airwallex multi-currency business account and a VISA corporate card at no extra cost when you register your Hong Kong company.
- Open remotely as a non-resident, including if you incorporate in Hong Kong as a foreigner and can’t use a virtual-bank business account.
- Keep banking, incorporation and compliance with one team.
Sleek works with virtual banks and fintech providers like Airwallex and Aspire, and can also refer you to HSBC, Hang Seng and DBS when a traditional bank is the better fit.
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FAQs about virtual banks in Hong Kong
Support is patchy, so confirm it before you commit. Some Hong Kong virtual banks offer bank feeds or statement exports that work with Xero or QuickBooks, but few match the deep integrations of a dedicated fintech account. If automated bookkeeping matters, test the feed or ask the bank directly rather than assuming it works.
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