British challenger Tandem Bank is set to kick-off its international expansion by launching its services in Hong Kong.
The neo-bank plans to roll out its services in Hong Kong before the end of this year.
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The expansion plans were first announced last year, when Tandem secured £15m investment from Hong Kong-based Convoy.
Tandem will roll-out an early adopter programme to support the launch and identify local requirements.
However, according to a Reuters report, the British firm did not offer clarity on the regulatory approvals it has received for Hong Kong operations.
Commenting on the launch during Hong Kong Fintech Week, Tandem Bank co-founder and CEO Ricky Knox said: “This is an extremely exciting step for Tandem and our first move into international markets.
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By GlobalData“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.”
Following the launch, Tandem will join other British digital banks that have forayed into international markets recently.
In June, Monzo expanded its operations to the US, while another UK-based challenger Revolut went live in Singapore last month.
In the UK, Tandem offers savings accounts and credit cards services and has around 800,000 customers.
Earlier this year, the lender introduced a new offering that will automatically set aside money into a savings account. Utilising the account’s Safe to save feature, the tool allocates money based on user’s income and spending habits.
