ZA Bank, a leading digital-only bank based in Hong Kong, has been on a mission to support web3 companies and revolutionize the banking landscape in the region. With a strong focus on providing seamless, secure, and inclusive financial products and services, the bank has rapidly established itself as a major player in the industry. In this article, we will explore ZA Bank’s commitment to web3, its dedication to customer privacy and data security, its notable achievements, and its plans for the future.
ZA Bank introduced its vision for “Banking for Web3” in April, aligning its services with the emerging trends of decentralized finance and blockchain technology. Since then, the bank has been actively supporting over 80 web3 companies, including renowned platforms like OKX Hong Kong, HashKey, and OSL. As a banking partner for locally licensed Virtual Asset Trading Platforms, ZA Bank plays a crucial role in facilitating the growth and development of these platforms in Hong Kong.
With Hong Kong aspiring to become a global hub for web3, ZA Bank is actively contributing to this vision. The bank recently announced its plans to introduce fiat currency-based Virtual Asset trading services for retail investors through the ZA Bank App. This move aims to provide greater accessibility and convenience to investors looking to participate in the digital asset market. ZA Bank recognizes the immense potential of web3 technologies and aims to harness its benefits to empower individuals and businesses in Hong Kong.
As a licensed bank, ZA Bank places utmost importance on the security of its users’ money and personal information. Throughout the year, the bank has implemented various initiatives to enhance data and financial protection. Notably, ZA Bank migrated its core system to a hybrid-cloud infrastructure, ensuring enhanced scalability and resilience. The introduction of advanced features like ZAVerify has also provided users with greater control over ZACard spending. These efforts have been recognized by the Office of the Privacy Commissioner for Personal Data, affirming ZA Bank’s dedication to customer privacy and data security.
ZA Bank’s commitment to excellence has earned it recognition and trust from the Hong Kong community. With 1 in 10 Hong Kong adults banking with ZA Bank, the institution has established itself as a major player in the banking industry. Additionally, the ZA Bank App has been ranked as the highest-rated banking app on Hong Kong’s Google Play in 2023. The bank’s impressive achievements include surpassing HKD 10 billion in customer deposits and securing the first position in Asia in the Sia Partners 2023 International Mobile Banking Benchmark, maintaining the 6th position globally. ZA Bank expresses gratitude for the overwhelming support and pledges to continue delivering the best banking experience to its customers.
ZA Bank has been actively enhancing its services in the investment space, forging partnerships with top international fund managers like AllianceBernstein, Allianz Global Investors, and JP Morgan Asset Management. The bank officially launched investment fund services in August 2022, successfully onboarding over 100 investment fund products. This has led to an impressive 8-fold growth in total assets under management since the beginning of the year. To further enhance services, ZA Bank introduced a fund subscription fee discount, resulting in users saving over 100 million yuan on investment fund subscription fees. Furthermore, the bank partnered with Wise to introduce overseas remittance services, providing users with significant savings in fees.
Looking ahead, ZA Bank has exciting plans for the future. The bank aims to launch its U.S. stock trading service after obtaining the necessary approvals, expanding its offerings and catering to the diverse investment needs of its customers. Additionally, ZA Bank remains committed to continuously innovating and introducing more exciting services in the coming years. The bank recognizes the evolving financial landscape and strives to stay at the forefront of technological advancements to provide the best-in-class banking experience to its customers.
ZA Bank has emerged as a driving force in the banking industry in Hong Kong, with its focus on supporting web3 companies and delivering innovative financial services. With a strong commitment to security and privacy, the bank has earned the trust and loyalty of its customers. As it continues to expand its offerings and embrace technological advancements, ZA Bank is set to play a significant role in shaping the future of banking in Hong Kong and beyond.