ZA Bank and Octopus roll out ‘Get extra $500’ offer for Consumption Voucher Scheme
Driving growth of Hong Kong’s post-pandemic digital economy

Hong Kong’s No.1 virtual bank¹ ZA Bank has partnered with Octopus Cards Limited (OCL) to launch the “Get extra $500” offer for the 2022 (Phase II) Consumption Voucher Scheme (“2022 (Phase II) CVS”). New ZA Bank users who choose Octopus cards to collect Phase II of the consumption vouchers can get extra HKD 500 Octopus top-up value upon successful account opening².

The collaboration combines ZA Bank’s marketing-leading innovative services, the convenience and accessibility of the ZA Bank App, as well as OCL’s extensive network of users and merchants. It aims to help Hong Kong’s local digital economy bloom in the post-pandemic period.

Rita Li, OCL’s Sales and Marketing Director, said: “We are pleased to partner with ZA Bank to bring more exciting offers to Octopus customers, encouraging them to experience ZA Bank’s innovative virtual banking services. With ZA Bank’s leading position in the virtual banking market, our collaboration will be a push for digital financial services and continuous spending during the disbursement period of the 2022 (Phase II) CVS.”

Calvin Ng, Co-Head of Retail Banking at ZA Bank, said: “This partnership brings together the unique strengths of Hong Kong’s No.1 virtual bank ZA Bank and Octopus, the most popular stored value facility for collecting consumption vouchers. It will not only drive ZA Bank’s growth and market share further, but also raise our brand awareness through OCL’s strong network as more people enjoy a convenient and fully digitised experience in shopping and financial services. We have been offering solutions that are relevant to everyday life, such as the recent ‘Revenge Spending’ programme in collaboration with different malls and merchants amidst a recovering market. We have also rolled out bancassurance products to address users’ needs. With our integrated financial platform covering banking, insurance and investment, we will continue to delight users with every interaction of financial products and services.”

From today until 23 July 2022, new ZA Bank users who choose Octopus cards to collect Phase II of the consumption vouchers can get extra HKD 500 Octopus top-up value upon successful account opening with the invitation code “OCTOPUS”. This means they can get HKD 5,500 in total, while newly-registered eligible residents can receive HKD 10,500. Please stay tuned for further announcements by ZA Bank on the CVS offer for existing users.

For details about the “Get extra $500” offer, please visit bit.ly/3OcmA4X.

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Note to Editors:

1. 1. “No.1” is defined by ZA Bank’s leading position in the virtual banking industry in terms of customer deposits, loan & advances and number of users as of 31 Dec 2021. Source: Annual results announcements of eight virtual banks.
2. 2. From today until 23 July 2022 (both dates inclusive), eligible users must submit an account opening application with the invitation code “OCTOPUS” and then submit his/her Octopus card number registered for the Phase II of 2022 Consumption Voucher Scheme in the ZA Bank App within 14 calendar days after successful account opening. The reward shall be collected through the Octopus App or Octopus Service Points after receiving the reward collection notification on or before 31 Aug 2022. Eligible users must have never opened any bank account with ZA Bank and held any product or service with ZA Bank. Terms and conditions apply.

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 31 December 2021, ZA Bank has gained the support of more than 500,000 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 loan & 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.

About Octopus Cards Limited (Licence Number: SVF0001)

Operating under the Stored Value Facilities Licence, Octopus Cards Limited (OCL) provides innovative offline and online Octopus payment services to meet customers’ diverse payment needs.

Launched in 1997 by OCL, the Octopus system in Hong Kong is one of the world's leading and most extensively accepted contactless smartcard payment systems. Its aspiration is to bring diversity and inclusion in payment to customers of all facets of life.

Today, more than 30 million Octopus cards and products are in circulation; spanning businesses including public transport, parking, retail, self-help services, schools, and leisure facilities, and access control for residential and commercial buildings. There are over 150,000 Octopus acceptance points in the market. Octopus’ application has been extended to online and mobile payment arenas with services including Octopus on iPhone and Apple Watch, Octopus on Samsung Pay, Octopus on Huawei Pay, Octopus App, Octopus Wallet, and Octopus Mastercard®, bringing new payment experiences to customers.

The Octopus Group exports its unique experience and technology overseas, offering consultancy services across the world. The mission of OCL is simple: Making everyday life easier. For more information about OCL, please visit www.octopus.com.hk.