Hong Kong’s eight digital banks have vowed to expand their wealth management businesses in the coming years, after five successful years of drawing customers’ deposits gave them the confidence to venture further into a territory long dominated by bricks-and-mortar banks.
All eight of the branchless lenders reported a strong increase in deposits, loans and net interest income in 2024. They did not report a net profit, but their losses narrowed due to improved net interest income and fee income from their wealth management businesses, according to separate announcements on Thursday.
The eight digital banks had attracted a combined HK$64.39 billion (US$8.3 billion) of deposits as of the end of last year, an increase of 74 per cent from a year earlier, according to a Post calculation.
