Hong Kong’s banking sector is regulated by the Hong Kong Monetary Authority (HKMA) under a three-tier system of Licensed Banks (LBs), Restricted Licence Banks (RLBs), and Deposit-taking Companies (DTCs) (collectively, Authorised Institutions). RLBs may take deposits of HKD 500,000 or more (any maturity), and DTCs may take deposits of HKD 100,000 or more with an original maturity of at least three months.
Hong Kong has eight virtual banks licensed by the HKMA. Always check current eligibility and tariffs rather than hard-coding counts or fees.
For the latest number of Authorised Institutions, rely on the HKMA Monthly Statistical Bulletin and avoid fixing a specific number in the article.
Some popular providers (for example, Statrys and Airwallex) are payment institutions (MSO/SVF), not banks. Use them as fintech alternatives for payments and foreign exchange, not as deposit-taking banks.
How the Banking System Works in Hong Kong
Hong Kong’s three-tier regime classifies institutions by the amount/term of deposits and nature of business:
- Licensed Banks (LBs)
- Restricted Licence Banks (RLBs)
- Deposit-taking Companies (DTCs)
Together they are called Authorised Institutions (AIs). This structure underpins product scope, deposit rules, and supervision.
Virtual banks operate without physical branches but are HKMA-licensed banks.
Confirm each provider’s SME eligibility, supported currencies, and payment rails (for example, FPS, CHATS, SWIFT) before applying.
Deposit Protection
Eligible deposits with licensed banks (including virtual banks) are protected by the Deposit Protection Scheme (DPS) up to HKD 800,000 per depositor per Scheme member (effective 1 October 2024). Payment institutions (MSO/SVF) are not covered.
Account opening usually needs a clean KYC pack (company docs, proofs of business, controllers’ IDs, HK substance where relevant). We at Air Corporate can help select the right bank plus fintech mix and prepare the file to cut back-and-forth.
Quick Comparison: Banks vs Fintech Alternatives (Business Accounts)
Banks hold deposits and provide lending/trade finance. Payment institutions focus on payments, FX, and wallets under MSO/SVF rules and are not covered by the Deposit Protection Scheme (DPS). Verify licences and safeguarding terms on provider sites.
List of Top Banks in Hong Kong
Onboarding requirements, timelines, minimum balances, and available features can vary by entity type, ownership structure/UBOs, industry risk, and the bank’s current policies.
Always confirm the latest eligibility and tariffs with the provider before you commit.
Below is a list of the most popular banks in Hong Kong:
1. Bank of China (Hong Kong)
Full corporate and personal suite with strong RMB and Mainland connectivity. BOCHK is the RMB clearing bank in Hong Kong, appointed by the People’s Bank of China (PBoC), which matters for RMB settlement flows.
Pros:
- Strong Mainland and RMB connectivity; broad corporate products (trade, settlement, RMB flows) for Hong Kong business bank accounts.
- Deep experience with cross-border RMB cash pooling and multicurrency operations.
- Well-established correspondent banking relationships worldwide.
Cons:
- Can be document-heavy on onboarding; compliance reviews can be intensive for foreign entities.
- Language support and service quality can vary by branch.
- Fee transparency can be less clear compared with some international competitors.
2) HSBC Hong Kong
Large local presence with corporate banking, cash management, and trade-related services.
Pros:
- Strong trade finance and cash management options tailored to corporate banking in Hong Kong.
- Broad network and international coverage, simplifying global treasury flows.
- Structured lending and credit lines available for qualified entities.
- Sophisticated online banking with robust security controls.
- Well-recognized brand reduces friction for international partners.
Cons:
- Fees and minimum balances vary by package; complex relationship pricing.
- Overseas ownership/complex structures often face deeper KYC and risk reviews.
- Waived fee conditions may be tied to high minimum balances.
- Onboarding timelines can extend for high-risk sectors; documentation requirements are extensive.
3) Hang Seng Bank
Strong local footprint and RMB services, with SME-focused banking options.
Pros:
- Strong local SME footprint; good day-to-day business banking tools.
- Local relationship managers familiar with Hong Kong company bank account requirements.
- Competitive deposit and lending rates for qualifying SMEs.
- Practical mobile/online banking for SMEs.
- Local market insights and advisory support.
Cons:
- Less of an overseas branch footprint vs. global banks; cross-border structuring may require more coordination.
- Trade finance product suite is narrower than some global peers.
- Fee waivers often tied to local revenue thresholds; may be limiting for early-stage startups.
4) Standard Chartered Hong Kong
International bank with corporate banking and FX capabilities in Hong Kong.
Pros:
- Good for FX and cross-border needs; strong international bank coverage.
- Flexible multicurrency accounts and treasury services.
- Global cash pooling and notional interest optimization features.
- Relationship management support with proactive risk alerts.
- Trade finance and working-capital solutions for growing exporters.
Cons:
- Package fees/minimums and waiver rules vary; some features depend on relationship tier.
- Not as SME-focused as some local peers.
- Tiered pricing structures may be confusing for smaller businesses.
- Onboarding can be lengthy for complex beneficial ownership structures.
5) Citibank Hong Kong
Offers corporate/transaction banking in Hong Kong (availability can depend on client segment).
Pros:
- Global network and institutional capability (where business banking is offered for your segment).
- High-end structured solutions for cash management and liquidity optimization.
- Strong electronic banking platform with real-time payment tracking.
- Integrated APIs for ERP/treasury systems.
- Advanced risk and fraud monitoring tools.
Cons:
- Business onboarding can be segment-dependent and may require in-person/video steps; tariffs vary.
- Not all corporate segments are eligible for full banking services.
- Not always competitive on basic account fee waivers.
- Some multicurrency limits apply for mid-tier segments.
6) Bank of East Asia
Local bank with standard corporate products and relationship coverage.
Pros:
- Local relationship banking; solid “standard” corporate banking offering.
- Relatively straightforward onboarding for some entity types.
- Competitive deposit product pricing for qualifying accounts.
- Personalized service and direct relationship manager access.
- Tailored credit facilities depending on risk profile.
Cons:
- Smaller international footprint than global peers; fewer cross-border hubs.
- Limited bespoke solutions for large or complex global corporates.
- Less digital innovation in comparison with fintech alternatives.
- Trade finance products are functional but not as extensive.
7) DBS Bank (Hong Kong)
DBS offers digital tools and the DBS IDEAL platform; eligibility for online onboarding can depend on the entity profile.
Pros:
- Strong digital platform (DBS IDEAL) and online tools; good for FX/cash workflows.
- Intuitive multicurrency dashboard and automated reporting.
- Streamlined Hong Kong business bank account opening for eligible companies.
- Enhanced analytics and real-time alerting features.
- Competitive FX rails and cross-border payment costs.
Cons:
- Eligibility for digital onboarding varies; overseas ownership can mean more documentation.
- Not all fintech integrations are available for every account type.
- Some value-added features require minimum relationship balances.
8) ZA Bank — HKMA-Licensed Virtual Bank
Digital onboarding for business banking. ZA Bank states CHATS supports HKD, USD and CNY; other supported currencies are generally handled via SWIFT. ZA Bank also lists supported currencies (e.g., HKD, USD, CNY, AUD, CAD, CHF, EUR, GBP, JPY, NZD, SGD—check the latest list).
Pros:
- Digital-first onboarding and servicing; published documentation is usually clear.
- Typically faster turnaround for virtual bank account opening.
- Competitive FX rates for standard multicurrency needs.
- Paperless application process and mobile app convenience.
- Real-time transaction alerts and instant dashboard monitoring.
Cons:
- Trade finance depth may be more limited than traditional banks; corridor/rail coverage needs checking.
- Some advanced treasury capabilities may not be available.
- Limitations on cheque and cash handling services.
- Credit and lending products are limited or may not be offered.
9) Statrys — Fintech Alternative
Statrys states it is not a bank and operates as a Money Service Operator (MSO) in Hong Kong, positioning it as a fintech option for payments/FX rather than deposit-taking.
Pros:
- Practical for multi-currency collections, payments, and FX; often simpler onboarding than banks for some profiles.
- Transparent pricing for international payments and multicurrency wallets.
- Dedicated business support channels for fintech users.
- Useful for startups and digital businesses needing flexible payouts.
- Quick integration with payment platforms and invoicing systems.
Cons:
- Not a deposit-taking bank; typically no lending and fewer “bank-like” services (cash/cheques/trade).
- May not meet corporate counterparty requirements for supplier or client billing.
- Not suitable for entities requiring full corporate credit facilities.
- FS presence and deposit protection guarantees differ from licensed banks.
10) Airwallex — Fintech Alternative
Airwallex says Airwallex (Hong Kong) Ltd is an MSO, and UniCard Solution Ltd (Airwallex group) is an SVF licensee (SVF0009) regulated by HKMA.
Pros:
- Strong global payouts/collections, FX, and API tooling (useful for e-commerce/SaaS/exporters).
- Competitive global currency handling and cross-border rails.
- Simple digital onboarding and integration.
- Scalable solutions for high-frequency international payments.
- Integrations for marketplaces and global sales channels.
Cons:
- No branches; cash/cheque services are generally limited; some use cases still need a traditional bank alongside it.
- Deposit protection and credit facilities are not bank-equivalent.
- Pricing complexity for premium API use cases.
- FX risk management tools may be less extensive than incumbent banks.
How to Choose the Right Bank or Fintech Provider
Bank packages and fees vary a lot in Hong Kong, and onboarding standards depend on your ownership structure and business activity.
Use this checklist to shortlist a provider that fits how you actually operate.
- Ownership and activity: Hong Kong vs overseas shareholders; regulated or higher-risk industries.
- Currencies and rails: What you need for collections and payouts (FPS/CHATS/SWIFT, and any RMB needs).
- Cash management: User roles, approvals, statements, reconciliation, and accounting integrations.
- Trade finance (if needed): LCs, guarantees, receivables finance.
- Onboarding: Video vs in-person, expected KYC depth, Hong Kong presence/substance evidence.
- Total cost: Package fees, transfer/FX margins, minimum balances, waiver rules.
- Bank vs fintech: Fintechs can be great for FX and payments; banks are usually needed for lending, cash/cheques, and fuller trade services.
If you are a foreign business wondering how to open a company bank account online in Hong Kong, contact Air Corporate immediately.
We can assist with establishing your bank account with a physical or virtual bank in Hong Kong, making it convenient for entrepreneurs and small businesses to operate effectively.
FAQs
Yes, but KYC and “proof of business” are stricter at traditional banks. Some banks support online onboarding for HK-incorporated firms (e.g., DBS), and virtual banks (e.g., ZA Bank) are fully online. Payment institutions like Statrys/Airwallex are alternatives (not banks).
Company incorporation docs, Business Registration Certificate, IDs of directors/shareholders/UBOs, address proof, and business proof (invoices, contracts, website). Banks may also ask for a board resolution and ownership chart (varies by bank).
For banks: digital banks (for example, ZA Bank) and certain traditional banks for eligible profiles (for example, DBS for eligible HK entities). For non-bank options: Statrys/Airwallex offer online payment accounts.
Digital banks are HKMA-licensed banks. Eligible deposits are protected by the Deposit Protection Scheme up to HKD 800,000 per depositor per Scheme member (effective 1 October 2024).
