Top 8 Virtual Banks In Hong Kong For Businesses In 2025 

As one of the world’s leading financial hubs, Hong Kong has long been recognised for its strong regulatory framework and business-friendly environment. Since the Hong Kong Monetary Authority (HKMA) introduced virtual banking licenses in 2019, the city’s digital banking landscape has expanded rapidly, offering secure, branchless, and technology-driven financial solutions. Today, virtual banks are gaining popularity among entrepreneurs and SMEs seeking faster onboarding, lower fees, and greater flexibility. In this blog, we’ll explore the top 8 virtual banks in Hong Kong for 2025, comparing their features, fees, and benefits to help you find the best fit for your business.

Key Takeaways

Digital-First Convenience

Hong Kong virtual banks operate entirely online, offering fast account setup, 24/7 access, and seamless management for SMEs and startups.

Cost-Effective Banking

Most virtual banks waive monthly fees, provide low-cost local and cross-border transfers, and reduce operational expenses.

Multi-Currency & FX Support

Many virtual banks support HKD, USD, CNY, and other currencies, making them ideal for businesses handling international transactions.

Tailored SME Solutions

From business loans and installment plans to batch payments and fintech integrations, virtual banks offer services designed for growing companies.

Limitations & Considerations

Virtual banks may restrict offshore ownership, high-risk sectors, and cash deposits; combining with traditional banking can address complex needs.

What Is a Virtual Bank in Hong Kong?

A virtual bank in Hong Kong is a fully licensed financial institution regulated by the Hong Kong Monetary Authority (HKMA) that operates entirely online without any physical branches. Under HKMA regulations, these banks are required to maintain a physical head office in Hong Kong and are subject to the same prudential and consumer protection standards as traditional banks. All licensed virtual banks are also members of the Deposit Protection Scheme (DPS), which safeguards each depositor’s funds up to HKD 800,000 per bank. 

Unlike traditional or online banks which may still rely on physical branches, virtual banks deliver all services digitally from account opening to money transfers and loan applications. Designed to enhance financial inclusion, these banks primarily cater to retail customers and SMEs by offering lower fees, faster onboarding, and user-friendly mobile platforms. 

Benefits of Using a Virtual Bank for Your Hong Kong Business

Using a virtual bank for your Hong Kong business offers a wide range of practical advantages that align perfectly with the city’s fast-moving, tech-driven economy. First, virtual banks provide 24/7 accessibility and digital onboarding, allowing business owners to open accounts and manage finances entirely online without visiting a branch which is a major convenience for startups and SMEs. They also offer lower fees compared to traditional banks, with most waiving monthly maintenance or transfer charges, helping reduce operational costs. Many virtual banks in Hong Kong provide multi-currency accounts supporting HKD, USD, and CNY, which are ideal for businesses handling cross-border transactions.

Additionally, several virtual banks integrate fintech tools such as instant foreign exchange, online accounting software connections, and SME loan options to enhance efficiency. Their streamlined compliance processes and faster approvals also make them a preferred choice for smaller businesses that need quick access to banking services without the complexity of legacy systems. 

Top 8 Virtual Banks For Businesses In Hong Kong

Since Hong Kong issued its first virtual banking license in 2019, the city’s digital banking ecosystem has expanded rapidly. These fully licensed banks operate entirely online, eliminating physical branches while offering flexible, cost-effective, and fast banking solutions for businesses and SMEs. Here’s an updated overview of the top 8 virtual banks for businesses in Hong Kong as of 2025:

1. ZA Bank

ZA Bank was Hong Kong’s first fully licensed virtual bank, launched by ZhongAn Technologies International Group in March 2020. It supports multi-currency business accounts (HKD, USD, CNY) and provides small business loans of up to HKD 4 million. Ideal for startups, ZA Bank also allows batch payments and cross-border transfers. Its platform includes advanced digital features such as stock and crypto trading, and it serves over 800,000 users in Hong Kong.

Key Features:

• Multi-currency accounts (HKD, USD, CNY)
• Local and international transfers via FPS/CHATS
• Small business loans up to HKD 4M
• Batch payment functionality
• Fast online account setup for startups

2. Airstar Bank

Backed by Xiaomi Corporation, Airstar Bank offers corporate accounts with multi-currency support, real-time FX, and low-cost remittances to Mainland China. Account opening is fast, often completed within 48 hours. The bank also supports payments to Weixin Wallets and provides Visa Platinum cards with global ATM access and Apple Pay integration.

Key Features:

• HKD, USD, CNY accounts
• Real-time currency exchange
• Fast Mainland China remittances
• Mobile account opening
• Low fees for FPS and RTGS transfers

3. WeLab Bank

Owned by fintech firm WeLab Limited, WeLab Bank operates fully online and primarily serves personal banking clients, though businesses can access certain FX and USD time deposit products. It provides seamless local transfers, investment options via curated funds, and global remittance services.

Key Features:

• Supports HKD and USD accounts
• Local FPS/CHATS transfers at no cost
• Investment in mutual funds and dividend funds
• USD time deposits and savings options
• Global remittance services

4. Livi Bank

Livi Bank, backed by BOC Hong Kong, Jingdon Digits Technology, and Jardine Matheson, offers business accounts with HKD, USD, and CNY support. It provides instant USD transfers via RTGS and business installment loans up to HKD 8 million. Features such as QR cash withdrawals and digital loan applications make it a convenient choice for SMEs.

Key Features:

• Multi-currency business accounts (HKD, USD, CNY)
• Instant USD RTGS transfers
• Business instalment loans up to HKD 8M
• QR code cash withdrawals
• Fast online account opening

5. Mox Bank

Mox Bank, a joint venture backed by Standard Chartered, HKT, PCCW, and Trip.com, primarily serves personal banking but provides some SME solutions. It allows FX conversions across 10 currencies, time deposits starting from HKD 1, and worldwide transfers via Wise. Its mobile-first platform has been highly rated in the Apple App Store.

Key Features:

• HKD-supported business and personal accounts
• Multi-currency conversion (10 currencies)
• Time deposits and smart borrowing options
• Global remittance via Wise
• Fractional US stock trading

6. Ant Bank

Affiliated with Alibaba Group, Ant Bank is focused on SMEs with dual-currency accounts (HKD & USD) and unsecured business loans up to HKD 5 million. It also offers a “pay-later” feature for business clients and multiple deposit options with flexible terms.

Key Features:

• Dual-currency accounts (HKD & USD)
• Local FPS/CHATS transfers
• Unsecured loans up to HKD 5M
• Pay-later function for SMEs
• Digital account opening within a few days

7. PAO Bank (Formerly Ping An OneConnect Bank)

PAO Bank provides mobile-friendly corporate accounts focused on SME financing. It offers business loans, trade-connect loans, and fee-free local FPS transfers. The bank’s platform is designed for growing businesses needing flexible loan solutions alongside standard digital banking services.

Key Features:

• HKD business accounts
• Fee-free local transfers via FPS
• Various SME loans (trade, eFast, revolving)
• Mobile account opening
• Instant bank transfers

8. Fusion Bank

Fusion Bank combines multi-currency accounts, AI-assisted onboarding, and business loans up to HKD 5 million. Its fully digital platform enables fast account opening and management of local and cross-border transactions. It also partners with WeBank in Mainland China for enhanced services.

Key Features:

• Multi-currency business accounts (HKD, USD, CNY)
• Local and cross-border payment services
• Business loans up to HKD 5M
• AI-driven eKYC for fast account setup
• 100% online onboarding via mobile app

When selecting a virtual bank for your Hong Kong business, consider the bank’s app usability, customer support, loan and FX services, and fee structure. While all virtual banks waive most monthly fees, the range of services and loan limits can vary significantly.

For international businesses looking to establish a Hong Kong presence, these virtual banks provide an efficient alternative to traditional banking, combining speed, convenience, and digital-first services tailored for SMEs and startups.

Comparing Virtual Banks vs. Traditional Banks for Businesses

For businesses operating in Hong Kong, choosing the right bank is crucial for smooth operations, especially if your company has international shareholders or non-resident directors. Virtual banks and traditional banks offer different advantages, and understanding these differences will help you make an informed decision.

Account Opening Speed

Virtual banks often allow businesses to open accounts entirely online within 1–3 days, provided all documentation is submitted correctly. Traditional banks usually require in-person meetings and can take 2–6 weeks for account approval, especially for companies with foreign ownership.

Cost Structure

Virtual banks typically have lower monthly maintenance fees and offer free local transfers through FPS and CHATS. Traditional banks may charge higher monthly fees, annual fees for corporate cards, and higher charges for international wire transfers.

Accessibility for Non-Resident Owners

Many virtual banks require all company signatories to be physically present in Hong Kong during account opening, which can be a limitation for overseas shareholders. Traditional banks may offer more flexibility but often require extensive documentation and compliance checks.

Customer Service & Physical Presence

Virtual banks operate entirely online, so customer service is via app chat, email, or hotline. They may not provide personalised account managers for complex business needs. Traditional banks maintain branch networks and relationship managers, offering in-person support, advisory services, and tailored corporate solutions.

Key Takeaways

• Virtual banks are ideal for startups, SMEs, and businesses seeking cost-effective, fast, and fully digital banking solutions.
• Traditional banks remain suitable for larger companies, businesses requiring complex banking services, and those with international stakeholders needing more flexible onboarding.
• Some businesses use a hybrid approach, combining a virtual bank for day-to-day operations and a traditional bank for large transactions or corporate loans.

At FastLane Group, we guide businesses in Hong Kong to select the most suitable banking solution, whether virtual or traditional, ensuring smooth account setup, compliance, and ongoing support for your company’s financial operations.

How To Choose The Right Virtual Bank For Your Company

Choosing the right virtual bank in Hong Kong can make a significant difference for your business operations, especially for SMEs and startups navigating cross-border transactions. With eight licensed virtual banks in Hong Kong—ZA Bank, Airstar Bank, WeLab Bank, Livi Bank, Mox Bank, Ant Bank, PAOBank, and Fusion Bank—it’s important to assess your options carefully. Here’s a practical guide to help you make the right choice.

1. Assess Your Business Size and Transaction Needs

Different virtual banks cater to different business types. Some are more suitable for startups with fewer layers of ownership, while others are designed for established SMEs with multi-layered corporate structures. Consider your monthly transaction volume, cross-border payment needs, and whether you require business loans or lines of credit.

2. Check Supported Currencies

If your business deals in multiple currencies, confirm which currencies the virtual bank supports. Most Hong Kong virtual banks provide HKD, USD, and CNY accounts, but some also offer AUD, EUR, GBP, and other major currencies. For businesses with international clients or suppliers, multi-currency support is essential for smooth operations.

3. Review Customer Service Availability

Virtual banks operate entirely online, which makes customer support crucial. Look for banks that provide multiple support channels—hotline, email, live chat, or app-based support—with reliable hours. For instance, ZA Bank and Fusion Bank offer 24/7 hotlines, while others like Livi and WeLab provide extended but limited customer support hours.

4. Consider Integration with Accounting Tools

If your company uses accounting software like Xero, QuickBooks, or Sage, check whether your chosen virtual bank supports integration. This can save time, reduce errors in bookkeeping, and streamline reconciliation processes for SMEs.

5. Verify Eligibility Criteria for Directors or Shareholders

Not all virtual banks accept every type of company or shareholder. Some require directors to be Hong Kong residents and present for in-person verification, while others may allow non-residents with additional documentation. Startups less than a year old may face restrictions at certain banks, so confirm eligibility before applying.

Tip: If your company is newly incorporated, some virtual banks may not support startups under one year. Always check eligibility requirements and document needs before submitting an application.

6. Compare Fees and Account Features

While virtual banks generally offer lower fees than traditional banks, charges for international transfers, currency conversion, and account maintenance can vary. Consider each bank’s fee structure, including FPS/CHATS transactions, telegraphic transfers, and remittance costs. Features such as batch payments, business loans, and card services may also differ, impacting your business efficiency.

7. Evaluate App and Platform Usability

Since virtual banks operate entirely online, the user experience of their app or web platform is critical. Choose a bank with an intuitive interface that allows seamless account management, fast transactions, and access to all necessary banking features.

Challenges of Using Virtual Banks

While virtual banks in Hong Kong offer a modern, digital-first approach to banking, they come with certain limitations that businesses and individuals should carefully consider before opening an account.

Limited Physical Support and Relationship Management

Unlike traditional banks with branch networks, virtual banks operate exclusively online. This means clients may have limited face-to-face support or personalised relationship management. For businesses that value in-person advisory or complex banking guidance, this could be a drawback.

Restrictions on Offshore Ownership Structures

Some virtual banks may impose restrictions on companies with offshore shareholders or multi-layered ownership structures. For example, ZA Bank charges higher fees or requires in-person verification for companies with non-local ownership exceeding three layers. Businesses with complex corporate structures may face account opening delays or additional compliance requirements.

Sector-Specific Limitations

Certain industries considered high-risk—such as cryptocurrency businesses, gaming, or adult entertainment—may find their applications rejected. While some virtual banks like ZA Bank offer crypto trading for individuals, business banking support for high-risk sectors remains limited.

No Cheque Book or Cash Deposit Options

Virtual banks typically do not provide cheque books, and cash deposit services are either unavailable or limited. Businesses that rely on cash transactions or need to deposit cheques may find these limitations challenging, particularly when dealing with suppliers or clients who prefer traditional payment methods.

While Hong Kong’s virtual banks offer cost-effective, fast, and digitally convenient banking solutions, they are best suited for tech-savvy clients with straightforward business needs. Companies with complex ownership structures, high-risk sectors, or cash-heavy operations may need to complement virtual banking with traditional banking solutions to fully meet their operational requirements.

Virtual Bank Alternatives for SMEs

For SMEs in Hong Kong, accessing fast, flexible, and cost-effective banking solutions is crucial. While virtual banks have rapidly gained popularity, non-bank alternatives like licensed payment institutions can offer tailored business solutions—especially for international or multi-currency operations. SMEs can also explore other financial technology providers, including:

• Airwallex – Offers cross-border payments, multi-currency accounts, and expense management tools.
• Currenxie – Provides global business accounts with multi-currency wallets and real-time FX services.

These platforms are particularly appealing for SMEs engaged in international trade, e-commerce, or frequent cross-border transactions.

When Traditional Banks May Still Be Preferable

Despite the advantages of virtual banks and non-bank alternatives, traditional banks like HSBC, DBS, or Standard Chartered remain ideal for certain needs:

• Large-scale transactions that exceed virtual bank limits
  
• Trade financing or import/export letters of credit
  
• Comprehensive corporate banking services, including payroll management and structured loans

SMEs can combine the flexibility of virtual banks or other fintech solutions with the stability and additional services offered by traditional banks depending on their business requirements.

Conclusion

Hong Kong’s virtual banking ecosystem is rapidly transforming how businesses manage finances, offering startups, SMEs, and international companies faster onboarding, lower fees, and fully digital solutions. With options like ZA Bank, Airstar Bank, Livi Bank, and Fusion Bank, businesses can access multi-currency accounts, seamless cross-border payments, and tailored loan services—all without visiting a branch. While virtual banks excel in convenience and cost efficiency, combining them with traditional banking solutions may be ideal for complex operations or high-value transactions. FastLane Group helps businesses navigate these options, ensuring the right virtual banking setup to support growth and operational efficiency in Hong Kong’s dynamic market.

How FastLane Group Can Help

FastLane Group supports businesses in establishing a strong financial foundation in Hong Kong by offering comprehensive company incorporation, accounting, and banking introduction services. We guide you in evaluating which virtual bank or payment platform aligns with your business structure, whether it’s ZA Bank, Airstar Bank, WeLab Bank, Livi Bank, Mox Bank, Ant Bank, PAOBank, or Fusion Bank. For businesses that do not meet eligibility criteria for virtual banks, FastLane connects you with trusted banking partners to ensure seamless access to corporate banking services. With our expert guidance, you can confidently set up the right banking solution for your Hong Kong business. Start your Hong Kong business with the right banking setup — contact us today.

FAQs on Virtual Banks in Hong Kong

1. How many virtual banks are there in Hong Kong?
As of 2025, Hong Kong has 8 licensed virtual banks. These include ZA Bank, Airstar Bank, WeLab Bank, Livi Bank, Mox Bank, Ant Bank, PAOBank (formerly Ping An OneConnect Bank), and Fusion Bank. Each of these banks is regulated by the Hong Kong Monetary Authority (HKMA) and offers services comparable to traditional banks, but entirely online.

2. Can non-resident business owners open a virtual bank account in Hong Kong?
Opening a virtual bank account as a non-resident can be challenging. Most Hong Kong virtual banks require the company to be incorporated locally, with directors physically present in Hong Kong for verification. For non-resident business owners, alternatives like Statrys, a licensed financial institution offering multi-currency business accounts, allow remote account opening for Hong Kong-registered companies.

3. Which virtual bank is best for small businesses or startups?
For startups and SMEs, ZA Bank, Livi Bank, and Fusion Bank are popular choices due to their flexible business account services, low fees, and quick onboarding. ZA Bank, for instance, supports business accounts for companies even less than a year old, while Fusion Bank and Livi Bank provide small business loans and multi-currency support tailored for SMEs.

4. Do virtual banks in Hong Kong offer multi-currency accounts?
Yes, several virtual banks provide multi-currency accounts. 

• ZA Bank: HKD, USD, CNY
• Airstar Bank: HKD, USD, CNY with one-click FX exchange
• Livi Bank: HKD, USD, CNY
• Mox Bank: 10 currencies including HKD, USD, EUR, GBP, JPY
• Fusion Bank: HKD, USD, CNY for business accounts

5. Are virtual bank deposits protected under the Deposit Protection Scheme?

Yes. All licensed virtual banks in Hong Kong are members of the Deposit Protection Scheme (DPS). The DPS protects each depositor’s combined deposits up to HKD 800,000, ensuring your funds are secure even in the unlikely event of a bank failure.