Airstar Bank has launched a pilot trial of its virtual banking service to selected customers in Hong Kong before the full launch.

The virtual banking service is currently being tested among 2,000 people from the families and friends of Airstar, Xiaomi, and AMTD Group employees.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Airstar said that the trail will capture the practical user requirements and feedback from the customers in order to further enhance its virtual banking platform.

The bank intends to provide its customers with financial inclusive banking services on a 24×7 basis and waive all retail banking fees.

A spokesperson for Airstar said: “Airstar strives to embrace innovation and financial inclusion, and promotes ‘financial innovation for everyone’.

“We truly believe Airstar will be a valuable contributor to the banking industry in Hong Kong and become ‘everyone’s bank’.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Airstar has also launched an official website to provide people with its latest product and service information.

The trial is conducted within the Fintech Supervisory Sandbox (FSS) of the Hong Kong Monetary Authority (HKMA).

Virtual banking platform features

The platform will allow customers to open an account remotely within five minutes using their Hong Kong identity card with no minimum deposit requirement.

Customers can conduct inter-bank transfers for free, through the Faster Payment System (FPS) and Real-Time Gross Settlement (RTGS) interface.

In terms of deposits, Airstar offers tiered-pricing savings deposits with a deposit rate of 1% per year for saving deposits between HKD500,000 ($64,502) and HKD1m ($1,29,004).

Customers can customise time deposits maturity dates, such as 8-day, 19-day or 27-day, or choose to terminate the deposits any time before maturity without penalty.

The virtual bank will also offer unsecured loans with interest accrual on a daily basis. Customers can repay anytime without any prepayment fee.