Tandem Bank is expanding into Hong Kong. The UK based challenger bank announced in a release that Tandem is working closely with Convoy Global Holdings on the launch. Tandem Bank expects to officially open up operations before the end of 2019.
Convoy Global Holdings is an independent financial advisor based in Hong Kong.
Ricky Knox, co-founder and CEO of Tandem Bank, commented on the expansion during Hong Kong Fintech Week:
“This is an extremely exciting step for Tandem and our first move into international markets. Our innovative products and services are perfectly suited to the market here in Hong Kong and we can’t wait to be able to share Tandem with the Hong Kong consumer. Our partnership with Convoy Global Holdings has been key to bringing Tandem to Hong Kong and we look forward to working closely together throughout our journey here.”
Knox said Hong Kong is a totally underserved market when it comes to digital banking.
Tandem is described as a full-service digital bank, offering a suite of financial products including savings accounts, mortgages, credit cards, and loans.
As part of the launch, Tandem will be rolling out an “early adopter programme” called Tandem Co-Founders.
In the UK, an active community of over 11,000 Co-Founders worked with the Tandem team to help them better understand the real money problems that consumers were facing and they continue to help the bank shape its proposition and its product features. Tandem will be looking to replicate the success of this strategy in Hong Kong. Tandem said HK Co-Founders will receive a “special edition card and be eligible to participate in a bonus rewards programme.”
In 2018, the Hong Kong Monetary Authority (HKMA) announced the issuance of virtual bank licenses. Earlier this year, the HKMA announced four more license approvals bringing the total to eight qualified entities. It is not immediately clear if Tandem Bank has applied for a virtual banking license.