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Fusion Bank Launches “2nd Anniversary Thankful Celebration” Pushing Financial Inclusion to Benefit All, Building towards a Smarter Future

Fusion Bank Launches “2nd Anniversary Thankful Celebration” Pushing Financial Inclusion to Benefit All, Building towards a Smarter Future

HONG KONG, Dec. 8, 2022 /PRNewswire/ — Fusion Bank celebrates the 2nd anniversary of the bank’s launch with “2nd Anniversary Thankful Celebration”, offering a range of promotions to valued customers. Two years since the launch, Fusion Bank has grown from the youngest virtual bank in Hong Kong[1] , to an all-rounded banking service provider offering extraordinary experience to customers, with its businesses spanning across deposit, remittance, loan, and soon-to-be-launched wealth management. Upholding the vision to promote financial inclusion that benefits all, the bank continues to launch a range of innovative products and promotions, offering contactless, highly effective and convenient banking services to customers in this new normal.

Ari Zhou, Executive Director and Chief Executive of Fusion Bank, said: “In the past two years, Fusion Bank has been working to lead the movement of local fintech development, to promote virtual banking into our customer’s daily life. While taking the advantage of a rich and vibrant ecosystem co-created by our shareholders, we continue to listen to the market, introducing innovative products and promotions that are most welcomed by our customers.” 

In the first half of 2022, Fusion Bank recorded considerable growth in multiple business metrics, setting a solid foundation for the bank’s future growth. During the said period, our total customer deposits have grown by nearly 90% as compared to the first half of 2021, with almost 3 times more customers and active customers. Customers who paired their WeChat Pay HK (WPHK) account with Fusion Bank have also increased by 2.68 times[2]

Mr. Ari Zhou continues: “All indicators reflect a stable and rising growth of our business, a recognition of our excellent work in the past two years. Looking forward to 2023, we will be launching more new services, including wealth management, SME banking, and debit card services.”

A strategic investment by Tencent Limited, Fusion Bank continues to drive integrations that connect customer’s daily scenarios, both online and offline. Besides being the 1st virtual bank connecting WPHK, we also took the opportunity to launch our flagship campaign “Earn WeFun, Get Cashback” with WPHK during the period of the Government’s Consumption Voucher Scheme. In the first 11 months of this year, the number of customers who paired their account with WPHK has increased by 114%, ranking the 1st in WPHK paired bank account via FPS[3] by number of paired users. We also collaborated with multiple Tencent brands, for example JOOX and PUBG Mobile, connecting our customers to the larger and prosperous ecosystem. Recently, we also implemented a new eKYC (Electronic Know-Your-Customer) solution jointly developed with Tencent Youtu to enhance the account opening experience at Fusion Bank App.

Innovation has always been at the heart of Fusion Bank. Leading the industry development, we have launched a range of “market first” products. Fusion Bank is the first virtual bank in Hong Kong to provide Foreign Exchange and Global Remittance services[4], indicating our edges in cross-border wealth management capabilities. The market-first Tesla Exclusive Loan and the introduction of “Rent Now Pay Later” concept in Revolving Loan have also led the development of green financing and smart financing market[5]. Recently, Fusion Bank has been granted  Type 1 (dealing in securities), and Type 4  (advising on securities) licenses from the Hong Kong Securities and Futures Commission (SFC), making us the latest virtual bank locally to offer Investment Fund Services. The service will be launched to offer customers a more all-rounded banking experience.

Mr. Ari Zhou concludes: “Looking forward to the future, we will continue to put our customers first, deepen the strategic partnership with WPHK and push our products and services to connect further to the diverse daily scenarios. Also, we will keep exploring the potential of local fintech development, seizing the opportunities from collaborating with different places in the Greater Bay Area, taking our advantage in the cross-border market and the unique fintech ecosystem, expanding our business vision to the Greater Bay Area and even global asset allocation, and working toward our vision to ‘Connecting the world, together building a better future'”.

To thank our customer’s support, Fusion Bank is launching the “2nd Anniversary Thankful Celebration”, new customer can receive up to HKD 922* rewards, including:

[7-11 We Gift You a Merry Xmas]

From now until 3 January 2023, new customers who successfully opened a Fusion Bank account with the invitation code “711HK” can receive HKD 210 worth of 7-11 e-cash coupons (HKD30 e-cash coupon x7), existing and new customers can also scan the offer QR code with WeChat to receive a 7-11 e-cash coupon worth HKD2.

 [“Advanced Cash” Instalment Loan Top-up Offer – 30-Day Payment Holiday]

From 5 December until 26 December 2022, customer successfully applies for “Advanced Cash” Instalment Loan using the invitation code “HOLIDAY” with a credit limit at HKD 100,000 or above, can receive HKD400 cashback and 4 interest discount coupons, and enjoy a 30-day “Payment Holiday” without interest incurred and repayment needed when withdrawing a loan amount of HKD100,000 to HKD149,999, with an APR as low as 1.17% (interest rate coupon applied)#.

Interest discount coupon

Withdrawal amount

Interest discount

Interest-free and repayment freeze period

Repayment tenure

Coupon 1

HKD 100,000- HKD 149,999

35% off

30 days

24 months

Coupon 2

 

HKD 150,000- HKD 1,000,000

45% off

24 months

Coupon 3

35% off

18 months

Coupon 4

25% off

12 months

# The Annualised Percentage Rate (“APR”) of 1.17% is calculated based on a loan amount of HKD1,000,000, repayment tenor of 12 months, including 25% Discount Coupon (APR is 1.56% if 25% Discount Coupon is not included). The APR is calculated using method specified in relevant guidelines issued by the Hong Kong Association of Banks, and is rounded up or down to the nearest two decimal places. An APR is a reference rate, which includes all applicable interest rates, fees and charges of the product, expressed as an annualised rate. Terms and Conditions apply.

[Foreign Exchange Cash Reward]

From now until 31 December 2022, customer successfully completes a Foreign Exchange transaction of HKD100,000, can receive HKD 80 cash reward* (up to HKD3,280 in total).

[Earn WeFun, Get Cashback]

From now until 31 December 2022, customer successfully pairs their Fusion Bank and WeChat Pay HK (WPHK) account can receive 200 WeFun reward, spends at any stores can earn 8% WeFun reward, and spends at designated stores can earn up to 10% WeFun reward (each customer can earn up to 100 WeFun when spending with WPHK during the promotion period, together with the welcome reward earning 300 WeFun in total.Customer can redeem WeFun into cash from WPHK at 1 WeFun = HKD 1).

*For example, when a new customer opened an account with the invitation code ‘711HK’, completed WeChat Pay HK (WPHK) paring from their Fusion Bank account and spent a designated amount, applied for “Advanced Cash” Revolving Loan with a credit limit of HKD150,000 or above, and completed a single Foreign Exchange transaction at an amount equivalent of HKD100,000.

The above offers are subject to relevant terms and conditions. For details, please visit www.fusionbank.com

To borrow or not to borrow?  Borrow only if you can repay!

Disclaimer:

The information is not and should not be construed as an offer to buy or sell any investment products, and should not be considered as investment advice. Investing involves risk. Before making an investment decision, you should be aware that the price of an investment product may fluctuate and may become worthless. Past performance is not indicative of future returns performance. Investments may not always be profitable and may even result in losses. There is no guarantee that the initial investment amount will be recovered at the end of the investment period.

About Fusion Bank

Fusion Bank was granted a virtual banking licence by the Hong Kong Monetary Authority (HKMA) in 2019. A joint venture between Tencent Holdings Limited, Industrial and Commercial Bank of China (Asia) Limited (“ICBC (Asia)”), Hong Kong Exchanges and Clearing Limited, Hillhouse Capital and renowned Hong Kong entrepreneur Mr. Adrian Cheng (via investment entity, Perfect Ridge Limited), Fusion Bank aims at promoting financial inclusion in Hong Kong and providing customers with convenient, preferred and secure virtual banking and financial technology services. Headquartered in Hong Kong, Fusion Bank will ensure its compliance with the relevant regulatory requirements and guidelines. For more information, please visit https://www.fusionbank.com/

[1] According to the launch time of all Hong Kong virtual bank as of December 1, 2022

[2] Source: Fusion Bank’s operation data as of the end of June 2022

[3] Source: Fusion Bank’s operation data as of the end of November 2022

[4] According to the product information from the official website of all Hong Kong virtual banks on December 1, 2022

[5] According to the product information from the official website of all Hong Kong virtual banks on December 1, 2022