MEVAS Bank
| Company type | Subsidiary |
|---|---|
| Industry | Banking, Financial services |
| Predecessor | D.A.H. Private Bank Limited (previously Wing On Bank) |
| Founded | April 2001 |
| Defunct | 2012 |
| Fate | Operations ceased; acquired by Dah Sing Financial Holdings Limited |
| Headquarters | Hong Kong |
Area served | Hong Kong |
| Products | Virtual banking services, credit cards |
| Owner | Dah Sing Financial Holdings Limited |
Number of employees | 80 (2003) |
MEVAS Bank () was a financial institution based in Hong Kong, founded in April 2001 with an initial capital injection of ¥300 million (approximately US$36 million). Within just two weeks after its inception, it attracted more than a thousand clients, establishing itself as Hong Kong's pioneering virtual bank providing round-the-clock online banking services. The bank primarily targeted young working professionals.
Following the legalization of football betting in Hong Kong in 2002, MEVAS collaborated with Arsenal F.C. to launch the football club’s first credit card outside the United Kingdom. Between mid-2002 and early 2003, the bank recorded a loss amounting to ¥16.6 million (around US$2.1 million) and maintained a workforce of 80 employees. In May 2003, MEVAS implemented charges on accounts with low balances, affecting about 20% of its clientele (approximately 20,000 customers), intending to curtail unprofitable accounts without significantly increasing revenue.
By 2003, the bank had introduced various specialized credit cards, including one tailored for pet store patrons, and had amassed over 80,000 cardholders by May of that year. Later in 2003, MEVAS launched the PreciousMoments credit card, which required a minimum income threshold of HKD 60,000 (about US$7,700). In 2005, MEVAS offered the highest deposit interest rate of 0.75% among small and medium-sized banks operating in Hong Kong.
MEVAS was a fully owned subsidiary of Dah Sing Financial Holdings Limited and originated from D.A.H. Private Bank Limited (previously Wing On Bank) before it was rebranded in March 2001. In September 2010, Dah Sing Bank purchased minority stakes in D.A.H. Private Bank Limited and consolidated its private banking operations under Dah Sing Bank.
The bank maintained five branches throughout Hong Kong located in Central, Queen's Road Central, Wan Chai, Mong Kok, and Tuen Mun. By late 2010, four of these branches were rebranded under the Dah Sing name; only the Central branch continued operating as MEVAS. At that time, MEVAS catered to a customer base exceeding 100,000 individuals.
Operations ceased in 2012 when MEVAS was removed from the list of licensed banks by the Hong Kong Monetary Authority. Subsequently, on January 13, 2013, it was acquired by Dah Sing Financial Holdings Limited.