Clients with less than US$1 million in savings, underserved by bricks-and-mortar banks, are the sweet spot for virtual lenders

Bank customers with less than US$1 million each in deposits may make up the sweet spot for virtual banks to tap in Hong Kong, as they prepare to compete with bricks-and-mortar lenders for business, according to a panel discussion yesterday at the FinTech Week.Non-millionaires, euphemistically known as “preferred” or “premium” customers, are traditionally underserved by banks that operate physical premises, as the high rental charges and overheads imply a minimum deposit for lenders to break…

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