Asia-Pacific's Virtual banks, May 4th, 2020

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.

  1. 86400 secured AUD$ 34 Million In Series A capital funding
  2. Fintech company “Dough” begins procedure for listing at ASX (Australian security exchange) to raise capital of AUD$ 3.5 to 5 million
  3. Xinga chooses “Box” (cloud content management company) for enhancing customer interactions via a mobile application
  4. Australian government invest AUD$ 500 million Judo Bank part of government AUD$2 billion SMC enterprise funding scheme

However, Hong Kong is delaying its bank launch announcements. Singapore has deferred its license assessments to an undisclosed, which was formerly claimed to announce its 5 virtual banks by mid-2020.

  1. Out of 8 virtual banking licenses granted, only 1 has begun with full operations 
  2. Ant Bank, Mox bank and Airstar bank begin pilot operations 
  3. Amidst political imbalance and Covid-19 pandemic, 4 virtual banks delayed launch: Welab, PingAn One Connect Bank, Livi Bank, and Fusion
  4. 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.

  1. 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
  2. Mybank waives-off interest rates for 360, 000 micro-merchants in Wuhan and reduces interest rates by 20%
  3. AiBank may lend US$ 298.77 million to Haidilao International (A chain of restaurants) to manage the dropping consumer demands
  4. XW Bank’s President Zhao Weixing appointed as the VP of Xiaomi finance



Topic:

The Future of Banking

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