Hong Kong’s No.1 virtual bank1 ZA Bank has announced a new collaboration with Deliveroo to offer priority earning opportunities at the city’s leading delivery platform to applicants for the 100% Personal Loan Guarantee Scheme2 (PLGS) initiated by the HKSAR Government. This marks another attempt by ZA Bank to help unemployed individuals out of the present predicament.
From now until 30 November 2021 (the “Promotion Period”), unemployed individuals can enjoy three exclusive offers when applying to become a Deliveroo rider after submitting their PLGS application through the ZA Bank App3:
Rockson Hsu, CEO of ZA Bank, said: “ZA Bank is committed to a ‘Community-Driven’ approach, which demonstrates our spirit of promoting community inclusion. After becoming the only virtual bank in Hong Kong to participate in the PLGS in early May, we are pleased to partner with Deliveroo to fulfil our social responsibilities and address local residents’ urgent needs with technology. Deliveroo has created many job opportunities for Hong Kong’s F&B industry during the pandemic. We believe this can complement the PLGS fully supported by ZA Bank and boost the local job market in joint effort.”
Hsu continued: “After earning the trust of over 300,000 users within just a year of launching our full business, we are looking to build a diversified collaboration model with our partners in the next stage. This will allow virtual banking to play a more significant role in Hongkongers’ daily lives. We hope this tie-up with Deliveroo can have a positive influence on the banking sector.”
Karl Bachian, Operations Director of Deliveroo Hong Kong, said: “Deliveroo is proud to offer alternative earning opportunities for people working in F&B and other industries affected by the pandemic, to help them maintain their livelihoods. Riders are important partners for Deliveroo. In addition to flexible working schedules, we also provide accident insurance for our riders, giving them peace of mind. Deliveroo and ZA Bank share the same vision of leveraging technology to create new business models for traditional industries. We aim to add convenience to users’ daily lives while benefiting society as a whole.”
ZA Bank is dedicated to disbursing loans to people in need in a timely manner through its fully-digital service model. The whole application process can be done within the ZA Bank App regardless of servicing hours, allowing Hong Kong residents to complete their loan applications without leaving the house. ZA Bank will offer eligible applicants9 a loan amount of up to HKD 80,000 10 under the PLGS, with a maximum tenor of 6 years and a fixed interest rate of 1% per annum. Applicants will have the option of principal repayment holidays for the first 12 months, under which they will only be required to make repayments of principal and interest in instalments over the remaining five-year repayment period. They will also receive a full rebate of the interest payment once the loan and interest are fully settled by the end of the repayment period.
From now until 31 July 2021, new ZA Bank users who successfully apply for the PLGS will get an HKD 400 cash reward upon successful account opening in the application process and loan drawdown11. Besides, existing ZA Bank users can get an HKD 200 cash reward upon referring a friend to successfully apply for the PLGS with their invitation code, and subsequently draw down the loan and open an account during the application process. Each referee will also receive an additional HKD 100 on top of the basic HKD 400 cash reward12.
For details about eligibility criteria and required documents for the PLGS, please visit: bank.za.group/en/plgs.
From now until 30 November 2021, unemployed individuals will be given priority to join the Deliveroo rider network with a unique fast-track application code after submitting their PLGS application through the ZA Bank App.
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. Source: https://bit.ly/3b5yEnE.
2 The 100% Personal Loan Guarantee Scheme is administered by the HKMC Insurance Limited.
3 Applicants must complete the application for the 100% Personal Loan Guarantee Scheme in the ZA Bank App, including document upload and application confirmation.
4 Application time varies. Deliveroo will have the discretion to limit the number of applicants who are able to open Deliveroo rider accounts and benefit from the Deliveroo Offer depending on the business need and customer demand. The promotion campaign for fast-track applications is valid until 30 November 2021. Terms and Conditions apply. For details, please refer to: https://bit.ly/3Ayw9Fu.
5 To be eligible for this offer, an applicant must successfully register as a Deliveroo rider on or before 30 November 2021 and fulfil the above conditions within 30 days of rider account opening.
6 Rider kits may vary for Scooters, Cyclists and Walkers. Applicants have to order their rider kit themselves first. Upon confirmation of completing 30 orders, the rider will receive an HKD 200 cash rebate on the next payment day (every Wednesday) via their bank account registered with Deliveroo. Terms and Conditions apply. For details, please refer to: https://bit.ly/3Ayw9Fu.
7 “Peak hours” refers to 11:00 a.m. – 2:00 p.m. and 6:00 p.m. – 9:00 p.m.
8 Upon confirmation, the rider will receive the welcoming cash incentive on the next payment day (every Wednesday) via their bank account registered with Deliveroo. Terms and Conditions apply. For details, please refer to: https://bit.ly/3Ayw9Fu.
9 Hong Kong permanent residents aged 18 or above may apply for loans under the PLGS provided that they have been unemployed for at least two months at the time of loan application and can produce proof of cessation of their main recurrent incomes. Self-employed individuals, freelancers, gig or casual workers are also eligible upon the production of a declaration of unemployment and proof of a loss of main recurrent incomes.
10 The maximum loan amount under the PLGS is HKD 80,000 or six times the average monthly income within the specified period, whichever is the lower.
11 The cut-off date for the promotion is 31 July 2021. This offer is only applicable to new users who open an account during the loan application process. The cash reward will be directly credited to the applicants’ ZA Bank account. Existing users are not eligible for this cash reward. Terms and Conditions apply. For details, please refer to: https://bank.za.group/agreement/html/en_US/1000057.
12 To be eligible for the HKD 100 cash reward, the Referee must successfully apply for the PLGS with an invitation code, draw down a loan amount of HKD 5,000 or above, and successfully open a ZA Bank account during the loan application process. The cash reward will be directly credited to the Referee’s ZA Bank account. Terms and Conditions apply. For details, please refer to: https://bank.za.group/agreement/html/en_US/1000084.
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.
Deliveroo is an award-winning delivery service founded in 2013 by William Shu and Greg Orlowski. Deliveroo works with over 115,000 best-loved restaurants and grocery partners, as well as 100,000 riders to provide the best food delivery experience in the world. Deliveroo is headquartered in London, with around 2,000 employees in offices around the globe.
Deliveroo operates in nearly 800 locations across 12 markets, including Australia, Belgium, France, Hong Kong, Italy, Ireland, Netherlands, Singapore, Spain, United Arab Emirates, Kuwait and the United Kingdom.