A glimmer of hope? Hong Kong’s struggling virtual banks gain traction in wealth management

By Stanley Yupu Li , senior reporter | 7 August 2024 | 3 minutes read

Hong Kong’s struggling virtual banks – none of which have achieved profitability – have nevertheless made some progress in wealth management account opening and growing AUM. The total number of wealth management accounts at virtual banks grew by more than 140% in 2023, according to a recent survey by the Hong Kong Monetary Authority. Moreover, the total market value of clients’…

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