Chinese Virtual Bank ZA Bank to Offer Crypto Trading Services to Retail Customers
ZA Bank, a virtual bank based in Hong Kong, has announced its plans to provide crypto trading services with fiat currencies to retail customers. In an interview with the Hong Kong Economic Journal, ZA Bank CEO Ronald Iu revealed that the company intends to introduce crypto trading services through its mobile application, ZA Bank App. However, no specific timeline was provided for the launch.
Focus on Web3 and Expansion of Services
Ronald Iu emphasized that ZA Bank is committed to web3 and has already offered commercial banking services to more than 80 crypto firms, including OKX’s branch in Hong Kong. The virtual bank also serves as a banking partner for licensed virtual asset trading platforms HashKey and OSL.
ZA Bank has experienced significant growth since its establishment in 2020. It now boasts a customer base where one in ten adults in Hong Kong owns a ZA Card. Moreover, customer deposits have exceeded 10 billion yuan (~$1.4 billion) as of June 2022, marking a 17% increase from the previous year-end.
Strategic Initiative Towards Becoming a Leading Crypto Bank
In April, ZA Bank announced its strategic initiative to position itself as a prominent crypto bank aligned with the web3 ecosystem’s requirements. The bank’s head reiterated their commitment to crypto and emphasized the importance of integrating traditional banking services with the web3 world.
SFC and HKMA Encourage Spot Crypto ETFs
The Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) jointly issued a circular acknowledging the growing interest in launching spot crypto exchange-traded funds (ETFs). The SFC expressed its willingness to accept applications for authorizing various funds, including spot crypto ETFs, in an effort to attract more capital to the region.
Hot Take: ZA Bank’s Crypto Trading Services with Fiat Currencies
ZA Bank’s decision to offer crypto trading services with fiat currencies to retail customers demonstrates the increasing adoption and acceptance of cryptocurrencies in the financial industry. By integrating traditional banking services with the web3 world, ZA Bank aims to cater to the evolving needs of its customers and position itself as a leading crypto bank. The support from regulatory bodies like the SFC and HKMA further indicates Hong Kong’s commitment to embracing the potential of cryptocurrencies and blockchain technology. This move by ZA Bank is likely to attract more investors and contribute to the growth of the crypto ecosystem in Hong Kong.
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