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ZA Bank launches Asia’s first interest-free early payday product ‘Salary FastPass’

Offering unprecedented payroll experience to 4 million workers in Hong Kong

 

Hong Kong’s No.1 virtual bank1 ZA Bank today announced the official launch of “Salary FastPass”, the first-ever interest-free early payday product in Asia that allows users to get their monthly payroll up to 7 days in advance. “Salary FastPass” seeks to give workers back a say in their salary and let them take back control of their payday.

Payroll matters to the livelihoods of some 4 million employed persons2 in Hong Kong. ZA Bank is therefore dedicated to changing the game in payroll services with “Salary FastPass”, redefining users’ conception of banking products with 3 key features:

  • • Self-selected “ZA Payday” : On a date of their choosing, users can receive their monthly salary up to 7 days earlier than the original payday. “Salary FastPass” enables them to bid farewell to the passive way of getting paid and stay ahead of others, taking a significant step towards achieving “my salary, my choice”.
  • • Interest-free early payday: No interest fees will be charged within 7 days from the ZA Payday. After the 7-day period, as the users maintain a sufficient balance in their ZA Bank savings account for auto debit3, they would be able to enjoy early payday with no interest that month.
  • • Simple flows: Users can complete the application for “Salary FastPass” in the ZA Bank App, without the need to change their payroll bank account. Upon finishing the one-time settings through the App, they are all set to enjoy auto-services for early payroll and repayment every month.

Rockson Hsu, CEO of ZA Bank, said: “Some traditional payroll bank accounts are still featuring higher deposit rates or fee waivers, which may not be well-received by employees. Therefore we decided to be the ‘Game Changer’ for all Hong Kong workers by creating the first interest-free early payday product in Asia, making every penny earned count. With ‘Salary FastPass’, we seek to revitalise the traditional mindset of Hong Kong’s financial services sector and set the next trend.”

Hsu continued: “As a forerunner in the local virtual banking industry, our product roadmap is driven by users’ needs with an aim to cover every aspect of their daily lives. Our flagship product ‘ZA Savings Go’ adds value to users’ salary with its market-leading 1% interest rate p.a.4. Combined with ‘Salary FastPass’ which seeks to help users get paid early, they can now satisfy both wishes of workers in one go. Following the launch of ‘Salary FastPass’, ZA Bank has offered users a better alternative to their main bank.

“Salary FastPass” is now open for applications from staff, their family and friends, as well as a selected group of users who can apply for the product once they receive an invitation from ZA Bank. Starting from today, both existing and new users can register to enter the waitlist through the official website or the ZA Bank App. If a user invites two more friends to join “Early Payday Rangers” after completing the registration, he or she will get an application quota immediately to enjoy a personalised payroll experience before others.

For more details about “Salary FastPass”, please visit: bank.za.group/en/salaryfastpass.

 

 

Notes to editors:

 

Comparison between “Salary FastPass” and other early payroll services provided by foreign virtual banks

 

“Salary FastPass”

Product A

Product B

Product C

Region

Hong Kong

USA

UK

India

Earliest day to get paid in advance

7 days

On demand per month

(1 business day in advance)

2 days

On demand

Highest amount of early pay

Full salary

50% of salary

Full salary

2.5 times of salary

Repayment method

Auto-debit from ZA Bank account

Directly deducted from salary

Directly deducted from salary

Instalments

Interest on early-pay period

No5

N/A

N/A

Yes

Service fees

Waived at present

Yes

No

Yes

 

Remarks:

1 “No.1” is defined by ZA Bank’s leading position in the virtual banking industry in terms of number of users, personal deposits and loan amount as of 31 December 2020.

2 Number of employed persons in Hong Kong as of 30 June 2021. Source: Census and Statistics Department (https://www.censtatd.gov.hk/en/scode200.html)

3 If a user does not have enough balance for auto-repayment on the 7th day after every ZA Payday, interest will be incurred. The Annualised Percentage Rate (“APR”) is 34.49% for a loan amount of HKD 200,000, calculated using method specified in relevant guidelines issued by the Hong Kong Association of Banks. Please refer to the Key Facts Statement for details. An APR is a reference rate, which includes all applicable interest rates, fees and charges of the product, expressed as an annualised rate. To borrow or not to borrow? Borrow only if you can repay!

4 The 1% interest rate p.a. of “ZA Savings Go” is only applicable to HKD current savings of HKD200,000 or below. Terms and conditions apply.

5 If a user does not have enough balance for auto-repayment on the 7th day after every ZA Payday, interest will be incurred. The Annualised Percentage Rate (“APR”) is 34.49% for a loan amount of HKD 200,000, calculated using method specified in relevant guidelines issued by the Hong Kong Association of Banks. Please refer to the Key Facts Statement for details. An APR is a reference rate, which includes all applicable interest rates, fees and charges of the product, expressed as an annualised rate. To borrow or not to borrow? Borrow only if you can repay!

 

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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, Hong Kong’s virtual banks combined have attracted 420,000 users as of 31 December 2020, with HKD 15 billion of deposits and HKD 1 billion of loans. ZA Bank secured a leading position in the industry in terms of number of users (220,000), personal deposits (HKD 6 billion) and loan amount (HKD 650 million), thereby becoming Hong Kong’s No.1 virtual bank.

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.