PAObank has announced an investment of HK$200 million from Lufax Holding Limited.
The funding will support PAObank’s ongoing efforts to enhance product development and strengthen its technological infrastructure, with a focus on further expanding its retail banking services.
“This investment reflects our shareholders’ confidence in the promising prospects of digital bank,”
said Ronald Iu, Chief Executive and Executive Director of PAObank.
“PAObank will continue optimising our product and user experience, bringing efficient and flexible banking solutions to our customers.”
As the digital bank marks its fifth anniversary, PAObank is entering a new phase of its business strategy.
Having established a foundation in SME banking services, the bank is now placing greater emphasis on the growth of its retail banking segment.
Earlier this year, PAObank launched an insurance offering in March, followed by the introduction of new services such as currency exchange and foreign currency savings accounts.
These additions aim to broaden the bank’s product portfolio and improve accessibility to financial services.
Featured image credit: Edited by Fintech News Hong Kong, based on image by PAObank via LinkedIn