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What is Virtual Bank

Bethany Walsh

Sep 18, 2021

Virtual bank is defined as a bank that provides retail banking services primarily through the Internet or other forms of electronic channels rather than physical branches; It breaks through the limitation of relying on bank branches to carry out business, and changes the pattern of dealing with business at a single counter in the past, and becomes a package financial service platform with high added value.


The target customer group of virtual bank is individuals, small and medium-sized enterprises, and the priority business development focuses on mobile payment and micro loan. First of all, mobile payment: Compared with the mainland, the development of mobile payment in Hong Kong lags behind, virtual bank is expected to first layout in digital wallet and QR code payment, providing mobile payment tools for retail customers, with high-frequency payment business to expand the market. Secondly, in the field of micro-credit: One of the purposes of virtual bank establishment is to lower the threshold of financial services to achieve inclusive finance. It provides retail customers with fast micro-credit products through the purely online business process design and the application of big data credit investigation.


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