ZA Bank starts sandbox pilot of virtual asset trading service

Hong Kong, 29 October 2024 — ZA Bank, Hong Kong’s first and largest digital bank¹, today announced that it had commenced the sandbox trial of its virtual asset trading service. This innovative service seeks to enable eligible Hong Kong retail investors to enjoy a more secure, reliable and convenient virtual asset trading experience in a strictly regulated banking environment, further driving fintech development in Hong Kong.

The global cryptocurrency market has enormous growth potential, with the total market capitalisation reaching over US$2 trillion to date². A market study has also shown that 75% of Hong Kong retail investors surveyed expressed interest in trading cryptocurrencies³. Upon the successful completion of the pilot trial, ZA Bank will proactively start the preparatory work for the official launch of its virtual asset service to further address the investment needs of Hong Kong users through the ZA Bank App.

Ronald Iu, CEO of ZA Bank, said: “This milestone not only signifies ZA Bank’s continued progress towards our ‘Banking for Web3’ vision, but also demonstrates our commitment to supporting the development of virtual assets in Hong Kong. The wave of favourable policies and good news from the Hong Kong government and the industry during the FinTech Week will inject new momentum into the local fintech ecosystem. As a pioneer in local financial innovation, ZA Bank looks forward to sharing more positive updates soon, catering to the demand for virtual assets among Hong Kong users and helping to strengthen the city’s status as a leading international financial centre.”

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Notes to editors:

1. 1. As the first digital bank to launch in Hong Kong, ZA Bank had the highest number of users and customer deposits among the city’s eight digital banks as of 30 June 2024. Source: Interim reports of 8 digital banks.
2. 2. Source: CoinMarketCap. Data as of 30 September 2024.
3. 3. Source: HKIFA Investor Survey 2024.

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About ZA Bank

ZA Bank, licensed by the Hong Kong Monetary Authority in 2019, is Hong Kong's first and largest digital bank. With more than 800,000 users as of 30 June 2024, it leads the city’s digital banking sector in customer base and deposits. ZA Bank’s “Community-Driven” approach actively involves users in product development, resulting in tailored financial services for individuals, SMEs, and Web3 enterprises. The bank offers a comprehensive range of services including banking, investment, insurance, and business solutions. Recognised as “Virtual Bank of the Year – Consumer (Hong Kong)” by The Asset and “Hong Kong: Rising Star” by Euromoney, ZA Bank continues to innovate in Hong Kong’s financial landscape. It operates as a subsidiary of ZA Global, established in 2017, to explore global fintech and insurtech opportunities. For more information, visit https://bank.za.group.