HSBC launches in Hong Kong new social payment app for millennial

What you need to know: HSBC has been the first bank in Hong Kong to launch an app that doesn’t require an account number to make payments. The app is currently on an Early Bird sign up process. This is similar to services like Paym in the UK and Venmo in the US. Millennials are a clear target for this type of app

Why it is important: Banks are lining up to serve the new generations, and we can expect to see a big battle here, which will clearly reduce margins in this segment. Banks invest in the future of these customers. Also, it is refreshing to see that Hong Kong is catching up with trends coming from other parts of the world