Hong Kong-based ZA Bank is making waves in the Web3 ecosystem, providing support to over 80 web3 companies. The digital-only bank is positioning itself as a global hub for web3 and has partnered with locally licensed Virtual Asset Trading Platforms (VATPs) such as OKX Hong Kong, HashKey, and OSL.
In its recent blog post titled “ZA Bank 2023 in Review,” the bank highlighted its achievements and future plans. ZA Bank is set to introduce fiat currency-based virtual asset trading services for retail investors through its app. This move aligns with Hong Kong’s new virtual asset trading platform licensing regime and emphasizes the bank’s commitment to user security.
The ZA Bank App has received accolades, ranking 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 and secured the 6th position globally in the Sia Partners 2023 International Mobile Banking Benchmark.
Additionally, ZA Bank has ventured into the investment space, collaborating with renowned fund managers and experiencing an 8-fold growth in total assets under management since the beginning of the year. The bank also announced a successful fund subscription fee discount, resulting in over 100 million yuan in savings for users.
CEO Ronald Iu revealed ZA Bank’s strategic plans to offer crypto trading services with fiat through the ZA Bank App in an interview with the Hong Kong Economic Journal. The bank has already provided commercial banking services to over 80 crypto firms and aims to position itself as a leading crypto bank, integrating traditional banking services with the web3 world.
The Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority have acknowledged the growing interest in launching spot crypto exchange-traded funds (ETFs). The SFC is ready to accept applications for various funds with exposure to cryptocurrencies, including spot crypto ETFs, to attract more capital to the region.
In conclusion, ZA Bank is solidifying its role as a Web3 hub, expanding its services to include fiat-based virtual asset trading and gearing up for U.S. stock trading. With its innovative approach and strategic initiatives, ZA Bank aims to lead in the virtual asset trading space and further integrate with the web3 world.
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