ZA Bank cools off price war talks: report

It offers an introductory deposit rate of 6.8%.

The first of Hong Kong’s new generation of virtual banks has no plans to start a broader price war even as customers flocked to its introductory deposit rate of 6.8%.

ZA Bank, one of eight firms preparing to start digital-only banks in Hong Kong, saw interest from almost 20,000 people as it kicked off offering deposit rates 4 ppt higher than established firms such as HSBC Holdings. It will accept about 2,000 people as initial customers, with 100 getting the highest three-month rate as a one-time deal. Ahead, it will overall pay rates in line with the market.

The initial offer is also capped at $100,000 (US$13,000), but will nevertheless be a welcome balm for the lucky few in a city reeling from the coronavirus crisis where many businesses are already struggling after almost 10 months of pro-democracy protests.

The digital-only bank is rolling out its services at a time when about 30% of the city’s bank branches have shut to limit the spread of virus and traditional lenders are stepping in with relief measures by cutting fees and extending loan periods to both businesses and consumers.

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