PAObank Partners with Citi to Bring New Currency Exchange Service to Retail Customers in Hong Kong

By using Citi's proprietary Digital FX solution, PAObank can deliver real-time, 24/7 FX service across HKD, USD and RMB via the PAObank Mobile Banking APP

HONG KONG SAR - Media OutReach Newswire - 9 December 2025 - Citi and PAO Bank Limited ("PAObank") have partnered to enable PAObank to introduce a new service, allowing PAObank's retail customers to conduct real-time foreign exchange (FX) transactions in Hong Kong dollar, US Dollar and Renminbi 24/7. The two organizations are planning to extend the FX service to include additional currencies. While supported by Citi's platform, this FX service is offered by PAObank directly to its end customers.

By connecting to Citi's proprietary FX API (Application Programming Interface), PAObank can enable its retail customers to conduct real-time FX transactions on its Mobile Banking APP. The process is fully automated. The accounts of the end customers will be debited and credited seamlessly in real time.

Citi FX API is a plug-and-play solution that can be seamlessly integrated into Citi clients' existing systems and processes. The solution provides Citi clients with access to more than 100 currencies*, enabling them to go to market faster, without the need for tech infrastructure buildout and in-house FX trading capabilities.

"For over a decade, Citi's FX API solutions have been helping financial institutions and payment intermediaries drive their businesses forward, enabling them to offer FX and cross-border payment services to their end customers," said Darren Brighton, Global Head of Digital FX Sales for Citi. "We are excited to partner with PAObank on the launch of their currency exchange service for retail customers, supporting the company's commitment to advancing financial inclusion through cutting-edge digital banking services."

"We are delighted to partner with Citi for PAObank to introduce real-time FX service to our retail customers via the PAObank Mobile Banking APP, accelerating our goal towards offering comprehensive retail banking services. This collaboration strengthens PAObank's capability to deliver seamless banking services, underscoring our commitment to enhancing customer experience and advancing digital banking in Hong Kong," said Kenneth Tsoi, Head of General Banking Product, PAObank.

*The number of currencies will be dependent on the Citi entity that the client transacts with.
Hashtag: #Citibank #PAObank

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About Citi

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | X: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi

About PAO Bank Limited

PAO Bank Limited ("PAObank"), a wholly-owned subsidiary of Lufax Holding Ltd ("Lufax") (SEHK: 6623; NYSE: LU) and a member of Ping An Insurance (Group) Company of China, Ltd. ("Ping An") (SEHK: 2318; SSE: 601318), is committed to fostering financial inclusion and establishing a digital banking ecosystem by leveraging its extensive experience in SME banking services and its leading financial technology advantages. PAObank was granted a banking licence by the Hong Kong Monetary Authority in May 2019 to offer banking services via digital channels. PAObank is expanding diverse business segments including retail banking and SME banking.