Airstar Bank Limited (“Airstar”), one of Hong Kong’s new virtual banks, today announced the launch of a pilot trial which is conducted within the Fintech Supervisory Sandbox (“FSS”) of the Hong Kong Monetary Authority (“HKMA”).
The pilot trial will offer innovative virtual banking services to selected customers in Hong Kong, a precursor to Airstar’s full launch of its banking services to the general public. At the same time, Airstar’s official website (www.airstarbank.com) has been launched which will provide the public with Airstar’s latest product and service information.
During the pilot trial, Airstar will on-board around 2,000 customers from friends and families of the staff of Airstar, Xiaomi Hong Kong and AMTD Group to gather practical user requirements and feedback in order to jointly nurture an innovative and enhanced banking service platform and world-class experience in the digital era.
Airstar will provide its retail customers with superior experience of innovative and financial inclusive banking services on a 24/7 basis and waive all banking fees for its retail banking services. Airstar’s customers will be able to open an account remotely in 5 minutes the soonest using their Hong Kong identity card with no minimum deposit requirement. Airstar’s customers can also enjoy free inter-bank transfer through the Faster Payment System (FPS) and Real Time Gross Settlement (RTGS).
In terms of deposits, Airstar will provide two attractive products during the pilot trial. We offer tiered-pricing savings deposits and customers will enjoy a deposit rate of up to 1% per annum for HKD saving deposits between HKD 500,000 and HKD1,000,000. Customers who place time deposits have the flexibility to customize the time deposit maturity dates, such as a 8-day, 19-day or 27-day time deposit. Customers can even terminate the time deposit anytime prior to maturity without any penalty or surcharge.
Airstar will also provide unsecured lending products for customers at transparent pricing with interest accrual on a daily basis. Customers can repay anytime without any prepayment fee. On the other hand, we shall enhance our product designs and services continuously based on the customer’s feedback to be gathered during the pilot trial.
As a licensed bank in Hong Kong, Airstar is regulated by the HKMA and governed by the relevant legal / regulatory requirements. It is also a member of the Deposit Protection Scheme, whereby each customer’s eligible deposits are protected up to a maximum amount of HKD500,000.
Airstar’s spokesperson 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’.”