Xiaomi and AMTD-backed neobank Airstar starts pilot service

It will on-board 2,000 customers from acquaintances and families of staff.

Airstar Bank, one of Hong Kong’s new virtual banks, has launched its pilot trial within the Fintech Supervisory Sandbox of the Hong Kong Monetary Authority (HKMA), the bank announced in a press release.

Airstar Bank is the jointly established entity of electronics and smartphone company Xiaomi and AMTD Group, Asia’s largest independent corporate finance and advisory firm.

During the pilot trial, Airstar will on-board around 2,000 customers from acquaintances and families of the staff of Airstar, Xiaomi Hong Kong and AMTD Group.

The neobank will reportedly provide banking services 24/7 and waive all banking fees for its retail banking services, according to the press release.

Customers can open an account in 5 minutes using their Hong Kong identity card with no minimum deposit requirement, the bank added.

Airstar has also launched two savings deposit products for the pilot trial, with a deposit rate of 1% per annum for savings between $500,000 and $1m, as well as a time deposit. The neobank also provides unsecured lending products.