ZA Bank sets out ‘Banking for Web3’ ambition
Partners with HashKey Group to facilitate HK’s development into Asia’s Web3 hub

ZA Bank has today announced its latest plan to become the go-to bank for the Web3 ecosystem, providing essential banking services to Web3 enterprises.

In an effort to support this goal, ZA Bank has become a Title Sponsor of the inaugural Hong Kong Web3 Festival 2023 (12-15 April 2023) co-hosted by HashKey Group (HashKey) and Wanxiang Blockchain Labs.

As part of its commitment to the Web3 community, ZA Bank is now fully equipped to serve as the settlement bank for regulated Web3 entities in Hong Kong, and is prepared to facilitate licensed virtual asset trading platforms (VATPs) like Hash Blockchain Limited to process and settle transactions in a timely fashion. 

Recently, ZA Bank has also started offering online account opening for local SMEs/startups from the Web3 community, addressing a still-critical pain point for many SME owners in the Web3 ecosystem. With many traditional banks hesitant to offer such services, ZA Bank is offering a streamlined and efficient account opening process, allowing Web3 companies easier access to basic banking services.

Ronald Iu, CEO of ZA Bank, said: “As Hong Kong is stepping up efforts to cultivate a Web3-friendly environment, ZA Bank’s online account opening for Web3 startups represents a major step forward in the integration of traditional banking services with the Web3 world. It signals a greater acceptance and recognition of the importance of this emerging sector and hopefully will encourage other financial institutions to follow suit in offering tailored banking services for Web3 companies. We look forward to exploring collaborations with key global Web3 businesses such as HashKey, OKX, and more.”

Ronald Iu, CEO of ZA Bank

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About ZA Bank

ZA Bank Limited (“ZA Bank”), licensed by the Hong Kong Monetary Authority (“HKMA”) on 27 March 2019, is one of the first batch of virtual banks in Hong Kong. On 24 March 2020, ZA Bank officially launched its services to the public, making it the first fully operating virtual bank in Hong Kong. On 22 March 2021, ZA Bank officially launched Business Banking to deliver an innovative banking experience to local small and medium-sized enterprises. ZA Bank was established by ZhongAn Technologies International Group Limited (“ZA International”). With its “Community-Driven” approach, ZA Bank encourages users to directly contribute to its product development and design processes, helping the bank create innovative services that better serve the needs of Hong Kong customers.

Based on market data, ZA Bank secured a leading position in the Hong Kong virtual banking industry in terms of personal deposits and loan balance as of 30 June 2022. The Bank has also gained the support of more than 650,000 users as of 31 December 2022, becoming the largest virtual bank in terms of user base in Hong Kong.

ZA International was established in Hong Kong in December 2017, by ZhongAn Online P&C Insurance Co., Ltd. (HKEX stock code: 6060), an online-only insurtech company in China, to explore international business development, collaboration and investment opportunities in the area of fintech and insurtech in overseas markets.

Notes to editors:

ZA Bank has officially launched its express online business account opening service on 1 April 2023.