Banking & Payments
Tencent-backed Fusion Bank is live with WeChat Pay HK
Fusion Bank is the latest virtual bank to launch in Hong Kong, integrating FX with WeChat’s messaging platform.
Fusion Bank has gone live in Hong Kong today as the first virtual bank in the territory to connect with WeChat Pay HK.
One of Fusion Bank’s shareholders is Tencent, the internet giant that operates WeChat and its fintech arms. Fusion Bank’s other shareholders include ICBC Asia, Hong Kong Exchanges and Clearing, Hillhouse Capital and investor Adrian Cheng.
Customers can use the bank account as a funding source for making payments via WeChat Pay HK, opening up an extensive network of local spending and cross-border payment.
“Fusion Bank successfully connects with Tencent’s thriving ecosystem, not only creating strategic advantages for both Tencent and Fusion Bank, but also establishing an extensive network for local spending and cross-border payment for our customers,” said Jim Lai, vice president of Tencent and chairman of Fusion Bank.
WeChat Pay HK covers an extensive network of merchants in Hong Kong, spanning different categories including retail, food and beverage, transport and delivery services, bringing convenience to the consumers in their everyday life.
WeChat Pay HK connects around a million of brick-and-mortar Mainland merchants covering fashion, food and beverage, living and travel. Earlier this year, WeChat Pay HK also launched cross-border mobile payment which allows Hong Kong users to make payments via WeChat Pay HK in Macau.
Fusion Bank offers a simple and easy account opening process that can be completed in as quickly as five minutes. Being the first Hong Kong virtual bank to offer foreign exchange, Fusion Bank currently provides a variety of services including savings, time deposits, local fund transfer as well as foreign exchange in HK dollars, Chinese yuan and U.S. dollars.
During the promotion period, Fusion Bank customers will enjoy an interest rate of 5% p.a. for the first three-month HK dollar time deposit, capped at HK$38,000.
“Fusion Bank will capitalise on the strengths of our shareholders as well as different open banking initiatives, including Open API, to continuously optimise our products and services and enhance customer experience,” said Eric Sum, Fusion Bank’s CEO.