Like Revolut or Monzo in Europe, virtual banks have become popularised in several Asian countries. As of 2023, China, Japan, and South Korea have some of the most prominent digital banks by profit or the number of users in Asia.
McKinsey said in a 2021 report that Asian digital banking is mainly led by “established companies and consortia”, which is a group of companies or even government entities.
One of the earliest emergences of Asian virtual banks was in China, and a well-established company also introduced it. In December 2014, Chinese tech giant Tencent launched China’s first virtual bank, WeBank.