Remitting money overseas is necessary, but it doesn’t have to be risky By Ivy Lun If you’re a frequent user of digital remittance platforms, you may have noticed that the range of remittance methods available for use has grown considerably over the last few years. With COVID-19 restricting [...]
Fusion Bank announced full public launch of its banking services in Hong Kong on 21 December 2020. In just 2 weeks after its public launch, over 10,000 customers opened their accounts in Fusion Bank.
Being the first Hong Kong virtual bank to offer foreign exchange, Fusion Bank currently provides a variety of services including savings, time deposits, local fund transfer as well as foreign exchange in HKD, CNY and USD. Customers can also make local payments in HKD and CNY on Fusion Bank mobile app with a Faster Payment System (FPS) QR code. During the promotion period, Fusion Bank customers will enjoy an interest rate of 5% p.a. for the first three-month HKD time deposit, capped at HKD38,000.
Fusion Bank unveiled a collaboration with WeChat Pay HK, the mobile payment solution under Tencent, making Fusion Bank the first virtual bank in Hong Kong to connect with WeChat Pay HK. Customers can use the bank account as a funding source for making payments via WeChat Pay HK, opening up an extensive network of local spending and cross-border payment.
Mr. Jim Lai, Vice President of Tencent and Chairman of Fusion Bank, said, “Being the first virtual bank for customers to bind their bank accounts to WeChat Pay HK, Fusion Bank successfully connects with Tencent’s thriving ecosystem, not only creating strategic advantages for both Tencent and Fusion Bank, but also establishing an extensive network for local spending and cross-border payment for our customers. This achievement fully reflects Fusion Bank’s competitive edge in developing innovative financial products and introducing new applications for financial services. Going forward, Fusion Bank will strive to create a platform that delivers delightful offers and extraordinary experiences, as well as harness the power of technology and the Internet to enhance our products and create value for our customers.”
Fusion Bank is a joint venture between Tencent Holdings Limited, Industrial and Commercial Bank of China (Asia) Limited (“ICBC (Asia)”), Hong Kong Exchanges and Clearing Limited, Hillhouse Capital and renowned Hong Kong entrepreneur Mr. Adrian Cheng (via investment entity, Perfect Ridge Limited).