Currently, only 16% or 999,000 people own one.
Almost a third (28%) of Hong Kong’s adult population are expected to own digital-only bank accounts by 2025, according to a study by financial platform Finder.com.
The survey revealed that about 990,000—or 16% of Hong Kong’s adults— currently have digital bank accounts, with 760,000 planning to open one in the next five years. The city’s digital banking adoption lags behind Singapore (20%) and Malaysia (21%), but outpaces the Philippines (15%)
However, the coronavirus pandemic might accelerate digital banking in the city, said Finder global fintech editor Elizabeth Barry.
“With reports suggesting Hong Kong lenders have closed 20% to 30% of branches we can expect to see a big uptick in online transactions,” she said. “Who comes out on top will depend on how quickly virtual banks can establish operations in Hong Kong and how fast it takes entrenched players to pivot online.”
Globally, Germany and Brazil (28% each) are the markets with the most number of adults with online-only bank accounts, whilst Italy has the least (12%).
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