ZA Bank becomes Asia’s first bank to offer crypto trading services for retail users

Seamless Crypto Trading: Direct Fiat Transactions in One App
Simplified and Secure Investment Experience

Hong Kong, 25 November 2024 — ZA Bank, Hong Kong's first and largest digital bank¹, has achieved another breakthrough as Asia's first bank² to offer cryptocurrency trading services directly to retail users. Through the ZA Bank app, users can now seamlessly trade top cryptocurrencies in HKD and USD (this platform currently supports trading services exclusively for Bitcoin and Ethereum) — all within a single platform, with no need to switch between apps or platforms, simplifying the entire investment process. With this launch, ZA Bank cements its leadership in digital wealth management by merging traditional banking with the future of finance.

Global Crypto Demand Surges: 70% Say Bank-Backed Crypto Services Boost Transactions

Global crypto demand is skyrocketing³, with users reaching 560 million by mid-2024 — a 30% year-on-year increase. Crypto market capitalisation has surged nearly 90%, surpassing USD 2.3 trillion. Bitcoin hit record highs following the US presidential election, driven by expectations of crypto-friendly policies from the new Congress.

Meanwhile, a recent survey by the Hong Kong Association of Banks⁴ reveals that nearly 70% of respondents believe that if banks offer virtual asset trading services, it would make buying and selling virtual assets more convenient or could help popularise cryptocurrency trading. In response to this growing market demand, ZA Bank has launched its cryptocurrency trading service, enabling users to take advantage of new investment opportunities.

Security & Compliance: Driving Crypto Innovation in Asia

Calvin Ng, Alternate Chief Executive of ZA Bank, said: “The rise of cryptocurrency presents investors with more diverse asset allocation opportunities. As a bank, we prioritise security and compliance, which is why we’ve partnered with HashKey, a global-leading licensed virtual asset exchange, to meet regulatory standards and deliver bank-grade security in virtual assets trading - our key competitive advantage in the Asian market.”

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

Leading the Web3 Revolution: Redefining Wealth Management

As the only bank in Asia offering funds, US stocks, and virtual asset trading services, ZA Bank is committed to advancing the Web3 ecosystem in alignment with regulatory policies and market demand, while fostering deeper integration between finance and technology. The bank will continue to push boundaries, challenge the traditional finance (TradFi) landscape, and shape the future landscape of wealth management.

Effortless Entry into Crypto: Low Threshold and Zero Commission

• • Start trading crypto with as little as USD 70 / HKD 600, offering maximum flexibility.
• • Enjoy 0% commission for the first 3 months after activating the service.⁵

Through the ZA Bank app, users can now seamlessly trade top cryptocurrencies in HKD and USD—all within a single platform, with no need to switch between apps or platforms.
 
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Notes to editors:

1. 1. As the first digital bank to launch in Hong Kong (previously called as “virtual bank”), 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. ‘Asia's First’ refers to licensed banks in Asia (excluding West Asia) that, as of 20 November 2024, have a comprehensive regulatory framework for virtual assets and are members of FATF. This designation specifically applies to licensed banks that provide services for retail investors to trade cryptocurrencies directly using fiat currency through their main applications.
3. 3. Source: Crypto Wealth Report 2024
4. 4. Hong Kong Association of Banks Digital Banking Education Taskforce commissioned a comprehensive online survey from 31 July to 8 August 2024, conducted by the School of Communication at Hong Kong Baptist University, to gauge public perception and usage patterns of digital banks. The survey engaged approximately 1,000 individuals and 200 SMEs.
5. 5. From 20 November 2024 until 31 December 2025 (both dates inclusive), individual customers who have activated the Crypto Trading Service with ZA Bank can enjoy a $0 commission offer for Crypto trading in the first 3 months upon account activation, with no cap. Terms and conditions apply to the Crypto $0 commission offer.

Media enquiries

Please contact: media@za.group

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. 

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