Alibaba’s affiliate launched a digital bank in Hong Kong

The new bank will closely cooperate with AlipayHK

ant bank

Alibaba’s affiliate launched a digital bank in Hong Kong. Source: unsplash.com

Ant Bank, a subsidiary of Alibaba affiliate Ant Group, has officially launched in Hong Kong to provide citizens with 24/7 electronic banking services. Hong Kong users can already download the Ant Bank app with their smartphones.  They can open accounts remotely in as little as 3 minutes using their Hong Kong permanent resident ID.

Through cooperation with AlipayHK, Ant Bank is expected to roll out the opportunity to open a bank account directly within AlipayHK e-wallet. It is reported that there is no precedent for connecting other virtual banks and digital wallet accounts in Hong Kong. More than 2 million users of AlipayHK can now directly transfer money and pay from the Ant Bank’s account, as well as make purchases at more than 50,000 Hong Kong offline merchants.

According to the Ant Group official website, the bank is also working on solutions for small, medium, and micro-enterprises.

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