A third of Hong Kong adults to have digital bank accounts in 2025: study

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%).

Also Read

Standard Chartered launches digital request quote module Autoquote

Citi launches Token Services for Cash for institutional clients

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit