ZA Bank receives regulatory approval to prepare for
U.S. stock trading service launch

Hong Kong, 23 November 2023 — ZA Bank, Asia’s Top Mobile Banking App¹ and Hong Kong’s Virtual Bank of the Year – Consumer², today announced that the Hong Kong Securities and Futures Commission (“SFC”) has lifted the previous conditions on the Bank’s licence registration of Type 1 (dealing in securities) regulated activity under which the Bank shall only carry on business of dealing in collective investment schemes. The Bank plans to roll out U.S. stock trading services in due course upon completion of the pilot trial. 

ZA Bank users will soon be able to access a broader range of investment opportunities from stocks and ETFs to ADRs in the U.S. markets with just a few clicks in the ZA Bank App. With its strong tech DNA, ZA Bank is determined to minimise users’ fees with greater efficiency, alongside instant investment account opening for eligible users. 

Ronald Iu, CEO of ZA Bank, said: “ZA Bank aspires to build a future bank for now, one that empowers users to achieve their financial goals with ease and convenience. We are excited to add U.S. stock trading services to our product suite in due course. With exposure to the world’s largest stock market in terms of capitalisation, users can capture the growth potential in some of the most valuable and influential companies across the globe. This marks another key milestone for ZA Bank in our commitment to creating a one-stop digital finance platform for users.” 

As a leading virtual bank in Hong Kong trusted by over 700,000 users, ZA Bank has been stepping up efforts to enhance its services in the investment space. The Bank officially launched investment fund services in August 2022, and has since collaborated with top international fund managers, including AllianceBernstein, Allianz Global Investors and J.P. Morgan Asset Management, to successfully onboard over 100 investment fund products with an 8-fold growth in total assets under management from the start of this year.

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Notes to editors:

1. 1. ZA Bank was recognised as Asia’s top mobile banking app in Sia Partners’ 2023 International Mobile Banking Benchmark, a study on the current state of mobile banking in the EMEA region, North America, Asia and Australia and a peek into the future. For more information, please visit: https://www.sia-partners.com/en/insights/publications/sia-partners-2023-international-mobile-banking-benchmark. 
2. 2. ZA Bank was recognised as “Virtual Bank of the Year – Consumer (Hong Kong)” in The Asset Triple A Digital Awards 2023. The Asset is a widely recognised business news and research organisation, delivering authoritative, unbiased and independent coverage on Asia’s financial industry. For more information, please visit: https://www.theasset.com/awards-single/digital-awards.

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 as of 30 June 2023, ZA Bank has gained the support of 700,000 users, becoming the largest virtual bank in Hong Kong in terms of user base with a leading position in the virtual banking industry in terms of customer deposits and assets. The bank was named Virtual Bank of the Year – Consumer (Hong Kong) in the The Asset Triple A Digital Awards 2023.

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.

Disclaimer:
The above information is provided by ZA Bank for reference only, and the Bank is responsible for the accuracy of the information. ZA bank is not affiliated with the above-mentioned fund managers.