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Regulators across Asia are opening up the banking industry to new generations of digital operators, and those well-known for their communications applications, cute emoticons and online travel services are rushing in.
Such a shift is still in its infancy, but it is in sharp contrast to the banking markets in Europe and North America. The pace of change in the European and American markets is slower, and venture capital funds and the existing financial sector tend to support such start-ups, rather than the technology industry.
Asian technology companies believe that their advantage is that they can seamlessly link users'daily online activities with banking services, and their technology can improve efficiency.
"If you open a bank account (in Hong Kong), you need to go to a network and answer questions for an hour. Even if you can't open an account in this way, you have to wait until you call back," said Xu Wei, president of Zhongan International, a Chinese online insurance company, Zhongan Online Property Insurance (6060.HK).
"However, all the information needed at the counter can be collected on the mobile phone beforehand."
Last month, Chung An won one of the four virtual banking licences issued by the Hong Kong Monetary Authority, which could be the biggest impact on Hong Kong's financial sector, led by HSBA. L and Standard Chartered (STAN. L). Last week, the HKMA said that four other companies had made progress in their applications.

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