(Bloomberg) — The first of Hong Kong’s new generation of digital banks has announced its arrival with a 6% introductory rate for deposits.ZA Bank Ltd., one of eight firms preparing to start digital-only banks in Hong Kong, has begun a trial run that pays a select group of depositors over 3 percentage points more than established banks such as HSBC Holdings Plc and Standard Chartered Plc. Though many doubt the new banks well be able to maintain such rates, the offer is a warning of upcoming competition for the the city’s $410 billion local currency time-deposit business.“This is more of …read more
Source:: Yahoo Finance
