Standard Chartered Bank Limited, PCCW Limited, HKT Trust and HKT Limited, and Ctrip Financial Management Co., Limited announced on Wednesday the establishment of a strategic joint venture to deliver a new standalone digital retail bank in Hong Kong. According to the organizations, this new joint venture will be conducted under a new entity, which was granted a license to operate a virtual bank in Hong Kong by the Hong Kong Monetary Authority.
Standard Chartered reported it will hold 65.1% in the joint venture, while PCCW, HKT and Ctrip Finance will hold 10.0%, 15.0%, and 9.9%. The joint venture will also draw on the partners’ respective strengths to reach a broader spectrum of customers and to redefine the digital banking experience in Hong Kong by:
- Integrating virtual banking into the service offerings to PCCW’s, HKT’s and Ctrip’s established customer bases
- Providing a suite of retail financial services and products, as well as unique telecom, entertainment and travel propositions from partners all in one place
- Offering services that are personalized to customers’ circumstances, interests and needs
- Ability to open accounts and apply for financial services on-the-go in real-time
The Board of Directors will comprise Mary Huen (CEO of Standard Chartered Bank Hong Kong Limited) as Chairman of the Board, Susanna Hui (Executive Director and Group Managing Director of HKT), Janet Feng (CEO of Ctrip Finance and Senior Vice President of Ctrip Group), Dr Michael Gorriz (Group Chief Information Officer of Standard Chartered Bank), Samir Subberwal (Regional Head of Retail Banking, Greater China and North Asia of Standard Chartered Bank), Deniz Güven (CEO of the Virtual Bank) and three Independent Non-Executive Directors. Speaking about the collaboration, Huen stated:
“As the oldest note issuing bank in Hong Kong, Standard Chartered has been serving the community for 160 years. Today, we are delighted to be among the first to receive a virtual bank licence from the HKMA and we are excited to partner with PCCW, HKT and Ctrip Finance. 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.”
Hui added:
“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. We look forward to working with Standard Chartered and Ctrip Finance to provide a seamless and secure digital platform for customers to manage their financial matters.”