Fusion Bank has announced the full public launch of its banking services in Hong Kong, making it the last virtual bank to launch in the city, but the first to establish connectivity with WeChat Pay HK, and the first to offer foreign exchange services. Fusion Bank – backed by Tencent, ICBC’s Hong Kong unit, HKEX, Hillhouse Capital and Perfect Ridge – was one of the virtual banks licensed by the HKMA (Hong Kong Monetary Authority) last year. Like the other seven virtual banks that have already launched, Fusion Bank promises a simple and easy account opening process that can be completed in five minutes. The bank provides savings accounts, time deposits, local fund transfers and foreign exchange in HKD, CNY and USD.
Collaboration with Tencent allows Fusion Bank customers to bind their bank accounts to WeChat Pay HK and use their bank account as a funding source for making payments. This opens up an extensive network of local spending and cross-border payment. WeChat Pay HK became the first e-wallet in Hong Kong to support offline cross-border mobile payment in Mainland China in 2018. Earlier this year, it also launched services to allow Hong Kong users to make payments in Macau. Fusion Bank kicked off its soft launch in September 2020.