Hong Kong virtual bank Airstar launches services to the public

The bank offers savings, time deposit, and personal loan products.

Airstar Bank, the Hong Kong virtual bank formed by tech firm Xiaomi and financial services company AMTD Group, has officially launched its virtual banking services to the public, the bank announced in a press release.

Its services include savings, time deposit, and personal loan products. The bank offers an interest rate of 3.6% per annum (pa) for the first HK$20,000 deposited in an HKD savings account.

Customers can also apply for personal loan instantly via Airstar Bank mobile app and are entitled to a preferential annualised percentage rate as low as 2.99%, calculated on a daily basis, with no handling fee.

The bank’s mobile app also enables real-time money transfer in HKD and CNY using the Faster Payment System (FPS) and interbank transfer of HKD, USD and CNY through Real Time Gross Settlement (RTGS) remittance systems.

Airstar was granted a banking license by the Hong Kong Monetary Authority (HKMA) in May last year, meaning that it has become fully operational after 13 months. It launched its pilot scheme this March.

Customers who successfully open an account during the launch can enjoy an “Interest Rate Protection” of 3.6% pa until 10 June 2021.