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ZA Bank openly invites SMEs to join sandbox of express online account opening
Account opening in as fast as one working day, saving at least 60% waiting time
Hong Kong’s No.1 virtual bank1 ZA Bank has commenced the sandbox trial2 of ZA Dash (the “Pilot Launch”), an express online business account opening service. With a plan to invite 100 local small and medium-sized enterprises (SMEs) in Hong Kong to participate in the Pilot Launch, the Bank pledges to leverage its digital strengths to address the pain points of SMEs.
The Pilot Launch is available to SMEs across different sectors. Eligible companies must be registered and operating in Hong Kong, and with tax jurisdiction in Hong Kong only. They shall also meet other account opening requirements specified by ZA Bank3.
Hong Kong’s SMEs have generally faced challenges in financing during the pandemic, making business account opening essential for companies to obtain sufficient loans in a timely manner. A survey4 showed that while SMEs’ demand for credit had remained more or less the same over the past year compared to pre-Covid levels, the average total financing size of SMEs had trended downwards. When asked about the pain points in the financing journey, 15% of respondents cited the lack of digitalisation from banks, where another 3% found difficulty in the onboarding process.
ZA Dash will help to fill the gap in addressing the financial needs of SMEs. The service seeks to lead the market with the following features:
| Express online account opening |
Eligible companies can complete the business account opening procedures in as fast as one working day after submitting the full set of application documents online, at least two working days faster than the average account opening time of other existing commercial banking services. The whole process can be completed online and no in-person appointment is required, helping users save at least 60% of waiting time. |
| Zero fees for account opening and transactions |
During the sandbox trial, eligible companies can enjoy the following offers upon successful account opening via ZA Dash5:
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| One-stop online banking services |
Companies can access a wide range of online banking services upon successful account opening, including local transfers, cross-border remittances and bulk payments, etc., with a convenient digital banking experience. |
Devon Sin, Alternate Chief Executive of ZA Bank, said: “As a pioneer in Hong Kong’s FinTech space, ZA Bank has been dedicated to exploring more possibilities for the growth of SMEs through technological innovation. The launch of the sandbox trial of ZA Dash demonstrates our strong commitment to leveraging our digital edge to ease the burden on SMEs, bringing us one step closer to achieving our vision. We hope ZA Dash can become the starting point of SMEs’ journey in digital finance, making financing easier for them.”
The sandbox trial of ZA Dash will run for a month until 30 December 2022. SMEs that are interested in joining the Pilot Launch can submit their applications at bank.za.group/en/business on a first-come-first-served basis. ZA Bank will officially roll out the service in due course after completing this sandbox trial.
ZA Bank officially launched Business Banking for local SMEs on 22 March 2021. The Bank has since introduced a number of credit facilities to help SMEs tackle challenges in financing, including the SME Financing Guarantee Scheme “ZME $18M Loan” (80% Guarantee Product-revolving loan, and 80% or 90% Guarantee Product-instalment loan) and “ZME Revolving Loan”.
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Notes to editors:
- 1. “No.1” is defined by ZA Bank’s leading position in the virtual banking industry in terms of customer deposits, loans & advances and number of users as of 30 June 2022. Source: Interim results announcements of eight virtual banks.
- 2. The pilot trial will be conducted through the Fintech Supervisory Sandbox of the Hong Kong Monetary Authority.
- 3. For details, please visit: bit.ly/3UBYXG1
- 4. Source: “How to turn challenges into analytics-led innovations?” co-published by TransUnion and EY.
- 5. Terms and conditions apply. For details, please visit: bit.ly/3W1hGvG
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.
ZA Bank is Hong Kong’s No.1 virtual bank. Based on market data as of 30 June 2022, ZA Bank has gained the support of more than 600,000 users, becoming the largest virtual bank in terms of user base in Hong Kong with a leading position in the virtual banking industry in terms of customer deposits and loans & advances.
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.