Asia-pacific’s virtual banks are experiencing varied scenarios during the Covid-19 crisis. For instance, Australia’s neobanks are being poured with capital funding.
- 86400 secured AUD$ 34 Million In Series A capital funding
- Fintech company “Dough” begins procedure for listing at ASX (Australian security exchange) to raise capital of AUD$ 3.5 to 5 million
- Xinga chooses “Box” (cloud content management company) for enhancing customer interactions via a mobile application
- Australian government invest AUD$ 500 million Judo Bank part of government AUD$2 billion SMC enterprise funding scheme
- Out of 8 virtual banking licenses granted, only 1 has begun with full operations
- Ant Bank, Mox bank and Airstar bank begin pilot operations
- Amidst political imbalance and Covid-19 pandemic, 4 virtual banks delayed launch: Welab, PingAn One Connect Bank, Livi Bank, and Fusion
- Monetary Authority of Singapore (MAS) is extending the assessment period for awarding banking licenses previously counted as mid-2020 due to Covid-19 pandemic
On the other hand, China’s virtual banks are extending relief measures to the businesses affected in Wuhan province.
- We Bank secures the third position for filing Blockchain patents, globally Alipay offers of series of relief measures and initiatives to support Wuhan small businesses
- Mybank waives-off interest rates for 360, 000 micro-merchants in Wuhan and reduces interest rates by 20%
- AiBank may lend US$ 298.77 million to Haidilao International (A chain of restaurants) to manage the dropping consumer demands
- XW Bank’s President Zhao Weixing appointed as the VP of Xiaomi finance