cryptopolitan.com
Hong Kong-based ZA Bank has solidified its commitment to the Web3 ecosystem, providing support to over 80 web3 companies. The digital-only bank, known for its innovative approach, is making significant strides in becoming a global hub for web3.
In a recent blog post titled “ZA Bank 2023 in Review,” the bank outlined its achievements and future plans. According to the document, ZA Bank is the banking partner for locally licensed Virtual Asset Trading Platforms (VATPs) such as OKX Hong Kong, HashKey, and OSL, aligning with Hong Kong’s ambition to lead in the web3 space.
Expanding services: Fiat currency-based virtual asset trading and U.S. stock trading
ZA Bank is set to introduce fiat currency-based Virtual Asset trading services for retail investors through its app. The move comes as Hong Kong embraces a new virtual asset trading platform licensing regime. The bank, with a customer-centric focus, emphasizes the security of user money and personal information, implementing initiatives like ZAVerify for enhanced control over ZACard spending.
The ZA Bank App has garnered acclaim, being ranked as the highest-rated banking app on Hong Kong’s Google Play in 2023. With 1 in 10 Hong Kong adults banking with ZA Bank, the institution has surpassed HKD 10 billion in customer deposits, securing the 6th position globally in the Sia Partners 2023 International Mobile Banking Benchmark.
The bank also announced a successful fund subscription fee discount, resulting in over 100 million yuan in savings for users. The bank’s foray into the investment space, collaborating with renowned fund managers, has seen an 8-fold growth in total assets under management since the start of the year.
Strategic initiatives: Crypto trading services and Web3 integration
In an interview with the Hong Kong Economic Journal, ZA Bank CEO Ronald Iu disclosed the bank’s strategic plans to offer crypto trading services with fiat through the ZA Bank App. The bank has already provided commercial banking services to over 80 crypto firms, including OKX, HashKey, and OSL.
Since its inception in 2020, ZA Bank has witnessed substantial growth, with one in ten adults in Hong Kong now holding a ZA Card. Customer deposits exceeded 10 billion yuan by the end of June, reflecting a 17% increase from the previous year. In April, ZA Bank unveiled its initiative to position itself as a leading crypto bank, emphasizing the integration of traditional banking services with the web3 world.
The Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority have acknowledged a rising interest in launching spot crypto exchange-traded funds (ETFs). The SFC expressed readiness to accept applications for various funds with exposure to cryptocurrencies, including spot crypto ETFs, aiming to attract more capital to the region.