Hong Kong’s new online banks plan to venture into business lending

HONG KONG (Reuters) – Hong Kong’s new online-only banks plan to venture into business lending and wealth management, seeking more lucrative avenues beyond basic savings accounts and transfer services, senior executives said. “I’ve got four years to go, and personal loans by itself simply won’t fly because the market is only so big,” Chief Executive Rockson Hsu told Reuters. Mox Bank, whose backers include Standard Chartered and local telecoms firm PCCW, says it plans to add credit card, personal loans and wealth management services by mid-2022. “Hong Kong is still a very big market for wealth management offerings,” said Samir Subberwal, a Mox director and StanChart’s retail banking head for Greater China and North Asia. Livi Bank, which plans to offer personal lending and wealth management services next year, is one such example.

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