Thomas Daniels
The Chinese virtual bank ZA Bank has announced its intention to introduce cryptocurrency trading services for retail customers using fiat currencies. ZA Bank’s CEO, Ronald Iu, in an interview with the Hong Kong Economic Journal, disclosed the bank’s future plans to launch crypto trading through its mobile app, ZA Bank App, though no specific timeline was provided.
Iu highlighted ZA Bank’s commitment to web3, noting its existing services to over 80 crypto firms, including OKX’s Hong Kong branch. The bank, which also partners with local licensed virtual asset trading platforms HashKey and OSL, has seen significant growth since its founding in 2020. One in ten adults in Hong Kong now possesses a ZA Card, and as of June’s end, the bank’s customer deposits exceeded 10 billion yuan (about $1.4 billion), a 17% increase from the end of 2022.
In April, ZA Bank unveiled its strategy to become a leading crypto bank, aiming to merge traditional banking with the web3 ecosystem. This move aligns with the growing interest in cryptocurrencies, as indicated by the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority’s joint circular. This circular acknowledges the rising number of entities interested in launching spot crypto exchange-traded funds (ETFs). The SFC has shown readiness to accept applications for various funds with cryptocurrency exposure, including spot crypto ETFs, to attract more capital to the region.
