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British digital lender Tandem to launch in Hong Kong by year end

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By Reuters

LONDON (Reuters) – British digital lender Tandem is set to join rivals Monzo and Revolut with a push overseas, announcing plans on Thursday to launch in Hong Kong by the end of the year.

Tandem provides credit cards and savings accounts to more than 800,000 customers in its home market. It bulked up at the start of last year by buying Harrods Bank, the banking arm of luxury department store Harrods, picking up a U.K. banking licence in the process.

The bank then struck a 15 million pound investment deal with Hong Kong-based financial services group Convoy Global Holdings last November, paving the way for the expansion.

It is unclear what regulatory approvals Tandem has obtained to date to operate in Hong Kong.

A spokeswoman for the company said it would not give further information about its plans at this time.

Digital banking rival Monzo launched in the U.S. in June, while online account provider Revolut officially launched in Singapore last month, as part of a wider expansion push that will target markets including the U.S., Canada and Japan.

(Reporting by Iain Withers; Editing by Kirsten Donovan)