Ant Technology Group decided to launch a virtual bank prior to IPO

The first users of the financial institution are residents of Hong Kong.

The fintech division of the Chinese tech giant Alibaba Group, Ant Technology Group, has started a virtual bank prior to IPO. Residents of Hong Kong will become the first customers of the financial institution. Information about this appeared in the media.

The company launched a virtual bank thanks to its earlier license from HKMA (Hong Kong Monetary Authority). Apart from the Ant Technology Group, only 7 organizations have a similar permit. According to media reports, the enterprise has become one of six virtual banking players in the HK market.

Ant Technology Group digital bank interface

It is noteworthy that Ant Technology Group specialists already have experience in creating digital financial institutions. The company co-owns MyBank, a virtual bank targeted at users from mainland China.

Ant Technology Group’s Hong Kong customers will be able to use the new service via a mobile app. The identity card is required to use the service. According to company representatives, creating an account in a virtual bank will take no more than three minutes. A wide range of services will be available to users of a digital financial institution: from simple transfers to opening savings accounts.

Interest Rates for Virtual Bank Savings Accounts AntTechnology Group

To help promote the organization, the Ant Technology Group has partnered with HK’s popular AlipayHK payment system.

As a reminder, earlier in September 2020, Ant Group launched a blockchain platform for cross-border trading. The specialists have launched new projects in anticipation of the organization’s IPO. During the public offering, the company intends to raise $ 35 billion. If the plan succeeds, Ant Technology Group’s IPO will be the largest in history.

Rating of the largest IPOs. Data: Statista

We will remind, earlier it turned out that the profit of Ant Group in the first half of 2020 increased by more than 1000%.

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