One of Hong Kong’s eight licensed virtual banks has just appointed a new chairman of the board.
On 29 June Xiaomi-backed Airstar Bank announced that it had appointed Alain Lam Sai Wai, Vice President and Chief Financial Officer (CFO) of Xiaomi Corporation, as its new chairman starting from 23 June.
Lam replaces outgoing chairman Lei Jun, the co-founder and CEO of smart phone giant Xiaomi, who will focus in future on Xiaomi’s own operations and product development.
Lam is a native of Hong Kong who is a graduate of the University of Oxford, as well as a twenty year veteran of the finance sector who has previously served as managing director for two international investment banks. He first joined Airstar Bank in October 2020, assuming the positions of Vice President and CFO.
Airstar Bank is a joint-venture between Xiaomi and Asian financial services conglomerate AMTD Group. The platform obtained a virtual banking license from the Hong Kong Monetary Authority on 9 May 2019, before officially commencing operations in June of the same year.