Competition is heating up for a rich vein of the financial hub’s banking industry. FMTNews HK HongKong
Bloomberg Intelligence anticipates new banks will find it difficult to make inroads into Hong Kong’s loan market.
“This is more of a gimmick, which shouldn’t become a norm,” said Terry Siu, treasurer at CMB Wing Lung Bank Ltd, which pays 3.8% to new savers for two-month Hong Kong dollar deposits.ZA began a pilot last month for the city’s first digital-only bank. It’s offering the 6% rate for three-month Hong Kong dollar deposits capped at HK$200,000, according to a person with knowledge of the matter.
Deposit rates could stay elevated as the unrest persists amid concerns over money outflows. So far there haven’t been any signs cash is fleeing the city though banks have said some clients are inquiring about opening accounts elsewhere as a precaution. A spokeswoman for ZA, a unit of ZhongAn Technologies International Group Ltd, declined to comment on the rate, but said that it will roll out new offerings in stages.
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