Standard Chartered, PCCW, HKT and Ctrip Finance partner to build a new virtual bank in Hong Kong.
Joint venture granted virtual bank licence
27 March 2019, Hong Kong – Standard Chartered Bank (Hong Kong) Limited (“Standard Chartered”), PCCW Limited (“PCCW”), HKT Trust and HKT Limited (“HKT”) and Ctrip Financial Management (Hong Kong) Co., Limited (“Ctrip Finance”) today announce the establishment of a strategic joint venture to deliver a new standalone digital retail bank in Hong Kong. The joint venture will be conducted under a new entity, which today was granted a licence to operate a virtual bank in Hong Kong by the Hong Kong Monetary Authority (“HKMA”).
Standard Chartered will hold 65.1% in the joint venture, while PCCW, HKT and Ctrip Finance will hold 10.0%, 15.0% and 9.9% respectively. The joint venture will draw on the partners’ respective strengths to reach a broader spectrum of customers and to redefine the digital banking experience in Hong Kong by:
Subject to regulatory approval, the Board of Directors will comprise Mary Huen (CEO of Standard Chartered Bank (Hong Kong) Limited) as Chairman of the Board, Susanna Hui (Executive Director and Group Managing Director of HKT), Janet Feng (CEO of Ctrip Finance and Senior Vice President of Ctrip Group), Dr Michael Gorriz (Group Chief Information Officer of Standard Chartered Bank), Samir Subberwal (Regional Head of Retail Banking, Greater China and North Asia of Standard Chartered Bank), Deniz Güven (CEO of the Virtual Bank) and three Independent Non- Executive Directors.
Mary Huen said: “As the oldest note issuing bank in Hong Kong, Standard Chartered has been serving the community for 160 years. Today, we are delighted to be among the first to receive a virtual bank licence from the HKMA and we are excited to partner with PCCW, HKT and Ctrip Finance. The strengths of our partners combined with our own rich banking expertise mean that we are in a strong position to provide diverse financial solutions to redefine the banking experience for customers in Hong Kong.”
Susanna Hui added: “As a trusted service provider and innovator, the addition of banking services to our digital ecosystem highlights an essential part of our integrated platform for consumers and merchants, and is a natural extension of our product offerings and relationship with our customers. We look forward to working with Standard Chartered and Ctrip Finance to provide a seamless and secure digital platform for customers to manage their financial matters.”
Janet Feng said: “Fully digitised retail banking is an innovation with extremely exciting implications for the travel industry, and Ctrip Finance is delighted to partner with Standard Chartered, PCCW and HKT to launch a new virtual bank in Hong Kong. The new initiative is set to provide Ctrip customers with a travel experience that is more comprehensive in service and convenient to use. Ctrip Finance remains committed to providing the most timely and professional financial services to travellers.”