HomeCryptoThe largest digital bank in Hong Kong adds crypto trading

The largest digital bank in Hong Kong adds crypto trading

Today ZA Bank, the largest digital bank in Hong Kong, announced the addition of crypto trading to the services offered to retail clients. 

It did so with an official statement in which it claims to be the first Asian bank to do so.

The bank of Hong Kong opens crypto trading 

ZA Bank is a bank established in 2018, authorized by the Hong Kong Monetary Authority in 2019, which describes itself as the largest digital bank in Hong Kong. 

Claims to be the first digital bank to have landed in the autonomous Chinese territory, and to be today the largest in terms of number of customers and deposits among the digital banks active in Hong Kong, with more than 800,000 users. 

They also state that even a tenth of the adult inhabitants of Hong Kong are its clients, and that its penetration in the autonomous territory reaches 25% among GenZ, that is, the young people. 

ZA Bank also has a reward program called ZA Coin, which allows its users to earn and redeem various prizes. However, it is not a crypto token.

However, the bank has also obtained a license from the Hong Kong authorities to operate as a VATP, or Virtual Asset Trading Platform, and provides its services to more than one hundred Web3 companies.

It is therefore a bank of some importance in Hong Kong, especially for the new generations and for companies linked to fintech. 

Its success seems to be due to the “Community-Driven” approach, which actively involves users in product development, to provide tailored financial services for individuals, SMEs, and Web3 companies. 

Crypto trading: the Hong Kong bank takes advantage of the bull market

Since it holds a license to operate as a VATP, it can offer crypto trading services to its retail clients.

Their official statement claims that the global demand for cryptocurrencies is increasing, thanks to over 560 million users worldwide and a 30% increase compared to last year. The statement also explicitly refers to the market capitalization peaks of the crypto market and the all-time highs of Bitcoin. 

Furthermore, it cites a recent survey conducted by the Hong Kong Association of Banks according to which almost 70% of respondents stated that if banks offered crypto trading services, it would make buying and selling cryptocurrencies more convenient. 

It is precisely in response to this growing market demand that ZA Bank has decided to launch its crypto trading service, in partnership with the exchange HashKey. 

ZA Bank also states that it is the only bank in Asia to offer US funds and stocks, as well as crypto services, and to commit to advancing the Web3 ecosystem in line with regulatory policies and market demand. 

Additionally, it provides access to the world of bull and bear with zero commissions for the first 3 months from the activation of the service. 

For now, however, only Bitcoin and Ethereum are available. 

The comment

The CEO of ZA Bank, Calvin Ng, stated: 

“The rise of cryptocurrencies offers investors opportunities for more diversified asset allocation. As a bank, we prioritize security and compliance, which is why we have partnered with HashKey, a leading globally authorized virtual asset exchange, to meet regulatory standards and provide bank-level security in virtual asset trading, our main competitive advantage in the Asian market”.

The CEO of HashKey Exchange, Livio Weng, added: 

“We are privileged to collaborate with ZA Bank to promote innovation in digital banking services across Asia. As the largest licensed virtual asset exchange in Hong Kong, HashKey Exchange is committed to providing users with fully compliant and secure digital asset trading solutions. ZA Bank, as the first bank in Asia to offer such a service, has demonstrated its strong leadership and pioneering spirit in fintech integration. Our collaboration goes beyond technical synergies; it also reflects our shared commitment to upholding the highest regulatory standards. Looking to the future, HashKey Exchange will continue to work closely with ZA Bank to lead the development of the Web3 ecosystem, while offering more diversified financial services to our users. Together, we aim to usher in a new era of wealth management”.

Hong Kong and crypto

Crypto trading in Hong Kong has been allowed only since 2023, so currently only three exchanges are authorized by the financial regulatory authority of Hong Kong (SFC, Securities Futures Commission).

However, in the rest of China, it is still formally prohibited, although it seems that many Chinese manage to do it anyway by using foreign exchanges. 

Since Hong Kong is often used by the Chinese government as a special territory to test new initiatives, a potential success of crypto trading in the autonomous territory could precede the removal of the ban in the rest of China.

Marco Cavicchioli
Marco Cavicchioli
Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".
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