Digital banks becoming popular with the rising number of adoption of different digital bank applications in different parts of the world. The cause of this occurrence is not hidden – utmost easiness to reach out to online banks, all-time together feel, and easy to customize as per the need. Nowadays, a massive shift is noticed towards online banks from traditional banks. It’s an indication of how the demand is increasing for online-only banks with time. Today we will be talking about a few renowned names in the virtual banks’ arena that is most popular in a particular area – Hong Kong and Singapore. Also, we’ll dig into Top 5 Best Digital Banks In Hong Kong And Singapore with this post. Tight your belt as our journey is gonna start!
With the surge of covid in 2019, we have seen massive growth in people adopting digital banking services, due to its ease of access and management of funds, being at home. And, this will not stop in the coming future.
In a study conducted by Juniper Research, based in the UK, more than 53% of the world population is going to adopt digital or online banking as their mainstream by 2026.
This data represents how valuable and needful mobile banking has become for all of us, irrespective of locality.
For the time being, almost 2.3 billion people are active users of digital banks. This means they are using online banking facilities in one way or another for their purposes to be fulfilled. And, a lot more is yet to be seen.
But with all this coming very fast, the mainstream doubts are which digital bank is best suited for us? What are the criteria and how do we find the best virtual banks?
Best digital bank overall
For that, we are here to tell you how you will be able to find the best-suited virtual banks, especially when you are residing in South East Asia – Hong Kong and Singapore.
Below is the list of Top 7 Best Digital Banks In Hong Kong And Singapore which we have made through our dedicated research work put in.
ZA Bank
ZA is the first virtual bank in Hong Kong which is owned by Mainland insurer ZhongAn Online P&C Insurance and Sinolink Group. It was launched in 2018 and became people’s choice within Hong Kong.
If you are living in Hong Kong and looking for the best virtual service, no doubt choose ZA bank. It is promising to provide 1.4 percent interest per month. This could be increased up to 2 percent in 3, 6, and 12 months.
Along with it, ZA has been featuring all the products that a virtual bank is providing. It includes borrowing funds, depositing money, and transferring money. ZA is mostly known for the simplicity of its features that it is providing irrespective of high competition.
Best digital bank for savings accounts
Airstar Bank
Airstar bank is also one of the popular virtual banks which are basically used for the purpose of saving – as it is a savings account. It supports three currencies from the world – USD, CNY, and HKD. Along with it, its FX rate excels your savings, and it’s ideal for instant trading and immediate transfers.
Also, because of being in the mainstream, Airstar has 24*7 FX services which can be used to utilize funds instantly with a real-time quote.
Along with it, Airstar is offering a 3.60% interest rate for the first HKD20, 000, as of now. However, the real rate is 1.20%. Also, the rate could be changed as per the amount. For instance, having between 20,000 to million HKD, the rate is 0.50%, whereas it is 0.10% for above one million.
Best digital bank for business accounts
Aspire
Aspire is known as the business bank that provides facilities at your doorstep. There is a variety of offers a customer can get using Aspire bank. Some of the gists of their offerings is given here:
- Premium Credit Card
- 15-20% Discount on Lockers*
- Lifetime Free ASPIRE Platinum Debit Cards
- Convenience Banking
- Preferential Pricing on Loans
- Relationship Pricing on Various Products & Services
- A dedicated Relationship Manager
- Benefits for the entire family/ Group
Aspire works as a business account for most SMEs to grow. Instead of it, there are no fee charges required to pay or get access to unlimited virtual cards. Also, users can be able to manage expenses and easily invoice with the help of accounting tools.
Wise
Wise is found beneficial for exchanging money from one nation to another for very small fee charges. The best part of it is its fee structure which encourages people to try it even once.
Also, it facilitates sending your money for your purchases at stores, online stores, etc. This is useful when you wish to make transactions without being with any banking facilitator.
Livi
Searching for one of the best savings bank account platforms in the list of Top 5 Best Digital Banks In Hong Kong And Singapore? Livi is worth taking for the purpose. It is one of the 8th digital banks in Hong Kong which is supported by BOC Hong Kong.
Livi helps you get cashback with its debit card up to 1%. Along with it, you will get 1% interest rate as well. With a clear policy and ideal offers, Livi has managed to gather 80,000 users within a very short span.
Benefits of digital banking
Easy to get, portable banking facilities, fewer fee charges, and security are all the factors that attract users to choose digital banks for their banking.
Digitalized banking is a necessity today to be ahead in terms of transactions, savings, loans, fund management, or any other. We always find comfort and security when it comes to financing. And, all these could be found when opting for digital banking services.
To make you aware of the benefits, here’s a list:
- Easy to access
- Higher interest rates
- Safe environment for investing and savings
- Easy to apply for bank accounts
- Comparatively fewer costs
- Future proof
- And, always in-reach banking.
Drawbacks of virtual banking
Personally, we don’t see any setback for it, if you have chosen authentic digital banking services. However, every coin has two aspects so do digital banks.
A most common doubt people have is that fintech emerged in the last 5,6 years so it becomes difficult to trust them; however, all the genuine digital banks have to take approval or license of doing activities from the government.
Other, there are a few things that seem troubling users, for instance, fewer products, customer service, and limited options for depositing funds.
Compared with traditional banks, digital banks offer is a little bit less, which is why the user avoids using them.
Also, the condition is the same with deposit options: usually, mobile banks allow paycheck deposits.
How safe is digital banking?
When it comes to safety, the digital bank is foul-proof, in most cases. Safety is the topmost requirement for financial companies to gain trust and be in the market for a longer time. This is why, at the time of making these banks, fintech keeps in mind making things as fool-proof as possible.
And, it has been seen as well that most of the digital banks are secure and do not leave a chance to leave your data.
So, it’s trustworthy to choose these services.
How to get started with digital banking?
It’s as easy as we have been telling you throughout the post. It takes around 5-10 minutes in order to start your digital banking journey. All you need get the digital bank’s app or open it on the browser. Then, provide your details and get started.
The installation of your account is always free and it could be done from anywhere; you should have details available.
Summing Up!
This was a comprehensive discussion of the Top 5 Best Digital Banks In Hong Kong And Singapore.
Hong Kong and Singapore were not that much into digital banking, but in a couple of years, a massive surge of digital services has been witnessed.
Due to the advancement, it’s become a need to adopt digital banks. And, doing so will help in many aspects as well.
Hope we would have added some value to your life through this post!
Thank you and Good Luck!