Hong Kong Virtual Banks Compared: ZA Bank, Mox, livi and WeLab Business Accounts

Hong Kong Virtual Banks Compared: ZA Bank, Mox, Livi and WeLab

Four virtual banks hold HKMA licences: ZA Bank, Mox Bank, livi Bank and WeLab Bank. Each offers business accounts built for companies that want digital-only banking. All four are licensed banks. Deposits up to HK$800,000 are protected under the Hong Kong Deposit Protection Scheme.

Account Opening Process

Customer due diligence under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) is mandatory. The process is entirely digital. No branch visit.

Documents requested:

• Certificate of Incorporation from the Companies Registry
• Business Registration Certificate from the Inland Revenue Department
• Articles of association
• Proof of registered office address
• Identification documents for directors, shareholders and beneficial owners
• Evidence of source of funds and intended business activity

Applications are declined where the business has no demonstrable connection to Hong Kong, where the ownership structure is opaque, or where the stated activity is in a sector the bank has exited. All four banks apply the same statutory customer due diligence standards.

ZA Bank vs Mox vs Livi vs WeLab Hong Kong

The four virtual banks differ in target segments and product emphasis.

ZA Bank, backed by ZhongAn Insurance, offers both personal and business accounts with a focus on small and medium enterprises. Mox, backed by Standard Chartered, emphasises multi-currency accounts and integration with the Faster Payment System (FPS). livi, backed by Bank of China and JD Digits, targets retail and small business customers. WeLab, backed by WeLab Group, offers business accounts with a focus on digital lending and cash management.

Key differences:

• ZA Bank: Strong insurance integration, competitive deposit rates
• Mox: Multi-currency account with real-time exchange, FPS integration
• livi: Retail-focused, simple fee structure for small businesses
• WeLab: Digital lending products, cash management tools

Best Virtual Bank for Business Hong Kong

The best virtual bank for a Hong Kong business depends on the company's transaction profile and banking needs. For companies that regularly handle multiple currencies, Mox's multi-currency account is a strong option. All four banks support FPS. Mox and ZA Bank offer more advanced integration for businesses that require frequent FPS transfers.

Companies that need lending facilities should consider WeLab. It offers digital loan products alongside its business account. For straightforward deposit accounts with minimal fees, livi's simple fee structure may be suitable. ZA Bank offers a balance of features for small businesses that also want insurance products.

Hong Kong Virtual Bank Business Account Comparison

Product terms change frequently. Check each bank's current offering before applying.

Virtual Bank Hong Kong 2026

As of 2026, all four virtual banks continue to operate under HKMA supervision. The regulatory framework for virtual banks remains the same as for traditional banks, including compliance with AMLO requirements for customer due diligence, source of funds verification and beneficial owner identification.

Virtual banks have expanded their business account offerings since their initial launches. Expect ongoing product development: improved multi-currency features, enhanced FPS capabilities and integration with payment gateways. The HKMA has indicated it will continue to support the virtual banking sector while maintaining the same prudential and anti-money laundering standards.

Compliance Requirements for Virtual Bank Business Accounts

All four virtual banks require the same compliance documentation as traditional banks. The key requirements are:

• Certificate of Incorporation: Issued by the Companies Registry upon company incorporation
• Business Registration Certificate: Issued by the Inland Revenue Department
• Beneficial owner identification: Details of individuals who ultimately own or control the company
• Source of funds evidence: Documentation showing the origin of funds to be deposited
• Business activity description: Clear explanation of the company's intended operations

The banks also conduct ongoing monitoring of account activity. Transactions that appear inconsistent with the stated business purpose may trigger additional due diligence requests. Maintain proper records of all transactions. Be prepared to explain unusual activity.

Fees and Charges

Virtual banks generally charge lower fees than traditional banks, but the fee structures differ. Common fees include:

• Monthly account fees (often waived for the first year or with minimum balance)
• Transaction fees for FPS transfers above certain limits
• Foreign exchange fees for multi-currency transactions
• ATM withdrawal fees (limited as virtual banks have no physical branches)

Review the fee schedule of each bank before opening an account. Some virtual banks offer fee-free accounts for the first year as a promotional offer.

Multi-Currency and FPS Features

Mox offers the most comprehensive multi-currency account among the four virtual banks, supporting multiple currencies with real-time exchange rates. ZA Bank, livi and WeLab offer limited multi-currency support, typically for major currencies such as HKD, USD, CNY and EUR.

All four banks support the Faster Payment System (FPS). FPS allows instant transfers between participating banks using mobile numbers or email addresses. It is particularly useful for businesses that need to make or receive payments quickly. Transaction limits for FPS vary by bank and account type.

Deposit Protection

Deposits held with any of the four virtual banks are protected under the Hong Kong Deposit Protection Scheme. The scheme covers up to HK$800,000 per depositor per bank. This protection applies to all licensed banks in Hong Kong, including virtual banks. Payment institution accounts, such as those offered by Airwallex, Statrys or Currenxie, are not bank accounts. Deposits held with them are not protected in the same way.

Summary of Key Considerations

When choosing between ZA Bank, Mox, livi and WeLab for a Hong Kong business account, consider:

• Transaction volume and type: High-volume businesses may benefit from Mox's multi-currency features. Low-volume businesses may prefer livi's simple fee structure.
• Lending needs: WeLab offers digital lending products that other virtual banks do not.
• Insurance requirements: ZA Bank integrates insurance products with its banking services.
• Compliance readiness: All banks require the same documentation. The account opening process may vary in speed and user experience.

Verify current product terms directly with each bank before making a decision. Features and fees change frequently.