HSBC plans digital bank to counter online rivals

HSBC is close to launching a new digital bank known internally as “Project Iceberg” in a move to sink new competition from online upstarts. Europe’s largest lender has recruited more than 100 people to the secret project, based in offices in the Aldwych area of central London.

A source close to HSBC said the stand-alone digital bank was expected to focus on small business customers and could launch as early as this year in “beta” testing mode. Read more

Source:Telegraph

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