Airstar Bank has launched a pilot trial of its virtual banking service to selected customers in Hong Kong before the full launch.
The virtual banking service is currently being tested among 2,000 people from the families and friends of Airstar, Xiaomi, and AMTD Group employees.
Airstar said that the trail will capture the practical user requirements and feedback from the customers in order to further enhance its virtual banking platform.
The bank intends to provide its customers with financial inclusive banking services on a 24×7 basis and waive all retail banking fees.
A spokesperson for Airstar said: “Airstar strives to embrace innovation and financial inclusion, and promotes ‘financial innovation for everyone’.
“We truly believe Airstar will be a valuable contributor to the banking industry in Hong Kong and become ‘everyone’s bank’.”
Airstar has also launched an official website to provide people with its latest product and service information.
The trial is conducted within the Fintech Supervisory Sandbox (FSS) of the Hong Kong Monetary Authority (HKMA).
Virtual banking platform features
The platform will allow customers to open an account remotely within five minutes using their Hong Kong identity card with no minimum deposit requirement.
Customers can conduct inter-bank transfers for free, through the Faster Payment System (FPS) and Real-Time Gross Settlement (RTGS) interface.
In terms of deposits, Airstar offers tiered-pricing savings deposits with a deposit rate of 1% per year for saving deposits between HKD500,000 ($64,502) and HKD1m ($1,29,004).
Customers can customise time deposits maturity dates, such as 8-day, 19-day or 27-day, or choose to terminate the deposits any time before maturity without penalty.
The virtual bank will also offer unsecured loans with interest accrual on a daily basis. Customers can repay anytime without any prepayment fee.