While it’s true Hong Kong is an overbanked market, the city is also opening its doors to virtual banks in 2019 to increase regional and global competition – and to live up to its name as ‘Asia’s World City.’ These virtual banks are set to operate as fully digital enterprises: they will not have any physical branches and will provide all services via the Internet and on mobile platforms. Tags N/A. Even if you have enough to qualify for the Jumbo eMoney Market account’s highest rate, you can find higher rates elsewhere that don’t require such a sizeable commitment. We want to make sure you get the most out of our platform. They just have to activate it on our new banking app. Serving the overbanked: Primarily a driver in developed markets, virtual banking mainly seeks to provide customers with greater banking convenience at a lower cost. Share. There’s no denying that virtual bank accounts (VBAs) are a hot topic among the treasury community today. With a virtual bank account you can accept payments from 35 EU countries. We do not create or publish our own content or copy full articles from other sites. With over 60 local and international companies reported to have expressed an interest in being one of those virtual banking pioneers, there is no shortage of buzz. [111 Pages Report] Digital banking platforms market size, analysis, trends, & forecasts. Chase is rolling out a virtual banking service in 2021 to 'meet clients where they are.' No trips to the bank required. Banking market definitions are used in connection with applications to evaluate effects on competition in local banking markets. Virtual banking goes by several names including online banking, Internet banking, remote banking and phone banking. The banking industry is becoming more complex with the rise of mobile and open banking, increased demand for real-time interaction and personalized services, as well as new regulations. Opportunities in emerging markets. They can be used to replace physical accounts for tax or salary payments, for instance, which are often left out of the scope of traditional payment factories or POBO structures for legal reasons. However, Asia-Pacific, Europe and other global regions will roll out more AI solutions in the banking sector between 2024 and 2030. Pierre Dreux. Hong Kong, for example, has awarded virtual banking licences to eight players so far. View all. What all this highlights is that there’s much more to VBAs than meets the eye. If you prefer to mail in an application, click here to download the PDF. While you may have heard of VBAs before, their usage is rapidly evolving – and their benefits for treasurers continue to grow. Earn 0.45% APY when you open an eMoney Market Special with new money not currently held at VirtualBank. Deliver differentiated customer experiences, drive real-time payments, manage risk across the enterprise, and optimize financial crime prevention. Thank you for accessing our content on the Topio Networks Market Intelligence Center. It cites the example of Malaysia’s BigPay, which was launched in 2018 to offer users in Southeast Asia an alternative to their traditional bank. While it’s clear how non-bank financial institutions may use VBAs to help allocate client monies, or how large collections businesses such as utilities or telecom companies can use VBAs to improve their complex reconciliation processes, VBAs are just as suitable for multinational companies (MNCs) in other sectors too. From a government standpoint, there is an interest in providing customers with cheaper, more competitive basic banking services in markets that small numbers of large and well-established traditional banks typically dominate. Market Trends Companies People Fundings Mergers and Acquisitions Track this Market. Track this Market. Cookie statement Related Markets Industries N/A. Share Track this market when you sign up. “There’s a very good opportunity here for the challengers. So, whether you want to kick-start your cash centralisation journey today, or whether you’re looking for a solution to help tidy up any ‘loose ends’ in your centralised structure, VBAs surely deserve a second look. In today’s fast-moving digital economy, it’s not enough to keep pace. Related Markets Industries N/A. In addition to making VBAs cross-border, ING is going one step further by combining them with an allocated sub-account hierarchy called Virtual Ledger Accounts (VLAs), which populate a multi-bank reporting dashboard, to deliver a complete Virtual Cash Management solution. 1K-2.5K. Banking customers will now need a higher level of access on mobile apps to remap their traditional engagement tactics. Virtual Banking (Europe) based on . Thank you for your continued support. With fintech platforms like Payoneer, B2B transactions have gone global but businesses can still get paid in their local currencies. Solutions. Virtual Banking based on . The market shares of companies in the digital banking platform market have been determined using secondary data made available through paid and unpaid sources and by analyzing the product portfolios of major companies operating in the market. Virtual Banking … Virtual Banking Definition: The Virtual Banking is the provision of accessing the banking and related services online without actually going to the bank branch/office in person. Even those corporates already achieving high levels of centralisation can still benefit from VBAs. New virtual entrants could revolutionize users' banking experience and shape the banking sector's growth by competing for niche, underserved segments, such as smaller businesses or the technically savvy younger generation that … This would be an increase of 54 percent five-year CAGR over spending. Free Online & Mobile Banking; Free Mobile Deposits; Open Now. IBOR transition - Frequently asked questions, ING arranges landmark PHP 1.06 bn green bond deal, ING teams up with AI-powered trade platform Tradeteq, Data growth to double power demand of data-driven technology by 2030, Elderly care and housing demand on the rise, Increase in residual value of electric cars boosted by greater range, Robots gaining ground on construction sites, Six ways to tackle the plastic puzzle in the food sector, The transformation of transaction banking, Article 'Virtual bank accounts: forget what you thought you knew' (PDF, 180 kB). Employees 6. © 2001-2020 ING Bank N.V. 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