ZA Bank appoints Calvin Ng as new CEO

Hong Kong, 31 March 2025 — ZA Bank Limited (“ZA Bank”) today announced the appointment of Calvin Ng as its new Chief Executive Officer, effective from 27 March. Calvin will lead the Bank for its continued growth and innovation in Hong Kong’s digital banking space. He has served as an Executive Director of ZA Bank since September 2022.

ZA Bank also announced that Ronald Iu had stepped down as Chief Executive Officer and Executive Director. The Board would like to express its sincere gratitude to Ronald for his contribution and wishes him every success in his future endeavours.

As a founding member of ZA Bank, Calvin deeply understands the Bank’s business, culture and vision. He has played a key role in several major milestones for the Bank, from applying for a digital banking licence in Hong Kong and the official launch of ZA Bank to its emergence as a leading digital bank in the city, serving over 800,000 users. Under Calvin’s leadership, ZA Bank became Asia’s first¹ licensed bank to offer cryptocurrency trading services to retail investors, successfully expanding innovative financial services into new areas and bringing more diverse choices to users. As a key figure in managing the Bank’s retail business, Calvin is responsible for formulating the overall business strategies, product roadmaps and growth plans, with a strong focus on enhancing user experience and driving the Bank’s sustainable growth in a steady and paced manner.

The Board of ZA Bank said: “Calvin’s proven track record, leadership, experience in fintech and strong stakeholder management made him an ideal successor. We are confident that he will further drive fintech innovation alongside robust risk management, lead ZA Bank in breaking new ground, and deliver a safer, more reliable, and more convenient one-stop digital banking experience for our users.”

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Notes to editors:

1. 1. ‘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.

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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.