Physical moves by online financial firms unlikely to pump up property market: analysts

Online brokerages and digital banks are opening branches across city after a sharp drop in shop rents in prime locations Digital financial service providers, including online brokerages and digital banks that used to trumpet their “zero-branch, fully online” models, have been opening physical stores across Hong Kong recently. Analysts described it as a strategic trend aimed at enhancing brand image and service quality to capture market share, but added that the impact on the city’s retail property market would be limited. Futu Securities International (Hong Kong) opened a new global headquarters at Pacific Place in Admiralty on Monday. It said in a news release that the new office, spanning about 42,000 square feet, would include a private wealth centre offering high-net-worth and institutional clients access to professional advisory services and tailored asset management solutions. It previously had 13 physical service locations in Hong Kong.

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