Standard Chartered, PCCW, HKT, Ctrip Finance join forces to build HK virtual bank

Standard Chartered Bank, PCCW, HKT, and Ctrip Finance have established a strategic joint venture to deliver a new standalone digital retail bank in Hong Kong. The joint venture will be conducted under a new entity, which yesterday was granted a licence to operate a virtual bank in Hong Kong by the Hong Kong Monetary Authority (HKMA). The joint venture will integrate virtual banking into the service offerings for PCCW’s, HKT’s and Ctrip’s customer bases, providing a suite of retail financial services and products. It will also offer telecom, entertainment, and travel propositions from partners all in one place. Additionally, it will enable customers to open accounts and apply for financial services on-the-go in real-time. Standard Chartered will take the majority stake, holding 65.1% in the joint venture, while PCCW, HKT and Ctrip Finance will each hold 10.0%, 15.0% and 9.9% respectively. [caption id="attachment_253700" align="alignnone" width="700"] Board of Directors - From left: Deniz Güven (CEO of the Virtual Bank), Samir Subberwal (regional head of retail banking, Greater China and North Asia of Standard Chartered Bank), Mary Huen (CEO of Standard Chartered Bank (Hong Kong)), Susanna Hui (executive director and group managing director of HKT) and Janet Feng (CEO of Ctrip Finance and senior vice president of Ctrip Group)[/caption] Mary Huen, CEO of Standard Chartered Bank Hong Kong, said: “The strengths of our partners combined with our own rich banking expertise mean that we are in a strong position to provide diverse financial solutions to redefine the banking experience for customers in Hong Kong.” The joint venture will be among the first to receive a virtual bank licence from the HKMA. Janet Feng, CEO of Ctrip Finance and senior vice president of Ctrip Group, said: “Fully digitised retail banking is an innovation with extremely exciting implications for the travel industry, and Ctrip Finance is delighted to partner with Standard Chartered, PCCW and HKT to launch a new virtual bank in Hong Kong.” Feng added that the new initiative is set to provide Ctrip customers with a travel experience that is more comprehensive in service and convenient to use. The joint venture will also offer services that are personalised to customers’ circumstances, interests and needs Susanna Hui, executive director and group managing director of HKT, said: “As a trusted service provider and innovator, the addition of banking services to our digital ecosystem highlights an essential part of our integrated platform for consumers and merchants, and is a natural extension of our product offerings and relationship with our customers.”