The CEO of city’s biggest virtual lender says the bank will offer token-to-fiat currency conversions over licensed exchanges

Cops say 17 people they arrested laundered $12.4 million of illegal proceeds by enticing individuals to open and hand over access to accounts at virtual banks

Big spending, high deposit rates to attract customers, plus the pandemic, saw the eight lenders rack up $309 million in losses

Though ZA, Airstar and WeLab banks are up and running, five others are still making ready as pandemic, civic unrest and stiff competition for talent slow progress

ZA Bank backed by Alibaba and Tencent goes virtual just as Covid-19 epidemic forces Standard Chartered, Bank of China, HSBC to close branches

ZA Bank has started offering online-only banking to 2,000 select customers ahead of a full rollout