Bloomberg: It is expected that the overall loss of virtual banks in Hong Kong will shrink to HKD 2 billion or less this year.

According to a report by Jinse Finance, Chen Yongfu, a senior analyst in the banking and fintech industry at Bloomberg Industry Research, expects that by 2024, due to rapid revenue rise and stable cost base, the overall loss of Hong Kong virtual banks will shrink to HKD 2 billion or less; operating expenses may fall below HKD 3.2 billion. Last year, the eight virtual banks generally recorded a growth in net interest income, with MOX BANK, Fusion Bank, Livi Bank, and Ant Bank (Hong Kong) achieving over 100% growth, while PAO Bank and Tianxing Bank saw their net interest income decrease by 14% and 32% respectively compared to the previous year. Additionally, the smallest loss was recorded by Ant Bank, with a post-tax net loss of approximately HKD 180 million in 2023.