HSBC, Standard Chartered, and online lenders Airstar, WeLab race to offer high interest rates, cash prizes to capture new customers claiming their HK$10,000 government payout

Hong Kong’s banks, from new digital lenders to traditional powerhouses of the sector, are in a price war to lure 7 million Hong Kong permanent residents into using their platform to get their HK$10,000 (US$1,290) government cash handout.Newly-launched virtual lenders like Airstar and the three note-issuing banks, HSBC, Standard Chartered, and Bank of China Hong Kong, have entered the fray, offering high interest rates, lucky draw prizes and other incentives.The HK$71 billion of payouts…

from South China Morning Post https://www.scmp.com/business/companies/article/3088677/hsbc-standard-chartered-and-online-lenders-airstar-welab-race