Adoption of Virtual Banks and Insurers

Adoption of Virtual Banks and Insurers 19 Overview of Virtual Banks and Insurers Exhibit 1 Eight licensed virtual banks’ statuses as of 15 August 2020 Sources: Hong Kong Monetary Authority, Press releases, Granting of virtual banking licenses in March, April and May 2019, https://www.hkma.gov.hk/eng/news- and-media/press-releases/virtual-banks Airstar, https://www.airstarbank.com/en-hk/index.html Ant Bank, https://www.antbank.hk/about Fusion Bank, Linkedin, https://hk.linkedin.com/company/fusionbank Livi Bank, https://www.livibank.com/en/ Mox, https://mox.com/ PAOB, https://www.paob.com.hk/en/index.html WeLab Bank, https://www.welab.bank/en ZA Bank, https://za.group/en Enoch Yiu, “Hong Kong’s virtual banks tempt ‘rate war’ as ZA Bank leads with juicy 6.8 per cent on deposits,” South China Morning Post, 15 January 2020, https://www.scmp.com/business/companies/article/3046058/hong-kongs-virtual-banks-tempt-rate-war-za-bank-leads-juicy-68 Name Short name License issued Operation status Major investors Name Short name License issued Operation status Major investors Airstar Bank Limited Airstar May 2019 Started operations in June 2020, offering personal banking Xiaomi, AMTD Group Mox Bank Limited Mox March 2019 Soft launch Promotes Mox card as a credit and debit card Standard Chartered Bank, HKT, PCCW, Trip.com Ant Bank (Hong Kong) Limited Ant Bank May 2019 Soft launch for selective private customers only Ant Financial Services Group (formerly known as Alipay) Ping An OneConnect Bank PAOB May 2019 Started operations on 29 September 2020 with personal and SME banking Ping An Insurance Fusion Bank Limited Fusion Bank May 2019 Soft launch Tencent, ICBC Asia, Hong Kong Exchange, Hillhouse Capital and Perfect Ridge Ltd. WeLab Bank Limited WeLab Bank April 2019 Started operations on 30 July 2020, offering personal banking CK Hutchison’s TOM Group, Khazanah Nasional Berhad, International Finance Corporation, Alibaba Entrepreneurs Fund and others (WeLab Group also holds WeLend) Livi VB Limited Livi March 2019 Started operations on 12 August 2020, offering personal banking BOC Hong Kong, Jingdong Digits Technology, Jardine Matheson Group ZA Bank Limited ZA Bank March 2019 Started operations in March 2020 with personal and SME banking Zhong An Online, Sinolink Worldwide (Zhong An Online also holds ZA Insure)