ZA Bank, Virtual Bank

ZA Bank, Virtual Bank

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ZA Bank launches personal loan with 1.99% APR as ‘fixed rates’ become emerging trend

New users can get HKD 400 cash rewards upon successful application


Hong Kong’s No.1 virtual bank1 ZA Bank has launched a personal loan with a fixed Annualised Percentage Rate (APR) of 1.99%2, offering a convenient and seamless borrowing experience as part of its continuous effort to be the “game changer”. From 1 April 2021 to 31 May 2021 (the “promotion period”), ZA Bank will offer a guaranteed 1.99% APR for users who successfully apply for and draw down a personal instalment loan amount of HKD 200,000 or above with a tenor of 6 to 24 months.

APRs serve as an important reference point when it comes to credit planning. ZA Bank is well aware that the exiting marketing wordplay for loans such as “APR as low as XX%” cannot objectively reflect the actual borrowing cost. In order to provide users with clear product information for decision making in a timely manner, ZA Bank is committed to a fixed-rate mechanism when setting APRs for loan products, enabling users to reduce the time cost on back-and-forth calculations.

Interest rates based on loan tenor:

Loan amount

Loan tenor

Monthly flat rate


HKD 200,000 or above

6 months


Guaranteed 1.99%

9 months


12 months


18 months


24 months


Devon Sin, Co-Head of Retail Banking at ZA Bank, said: “APRs for loans are determined by various factors, including personal credit rating, loan amount, loan tenor, etc. Applicants often have to spend extra efforts in understanding and comparing different products. In order to tackle this pain point, we are committed to streamlining users’ borrowing experience with a unique product concept that features fixed APRs. During the past tax season, we have introduced the ‘guaranteed 0.07% monthly flat rate’ and ‘guaranteed 1.88% APR’3 offers in November last year and this January respectively. As of 25 March 2021, our loan amount has registered an average month-on-month growth of 128%, with an average per-capita loan amount of HKD 240,000. This demonstrates a growing interest among users in loan products that feature fixed APRs, giving rise to an emerging trend in the loan space.”

The new offer comes with a 7-day cooling-off period, within which ZA Bank will waive the handling fee for early loan redemption after the drawdown date. During the promotion period, all new ZA Bank users will get HKD 400 cash rewards upon successful account opening in the loan application process and drawdown of any amount4. All procedures will be completed in the ZA Bank App. Users can get their loan instantly once the application has been reviewed, from Mondays to Sundays.

For a loan amount 1) below HKD 200,000; or 2) of HKD 200,000 or above with a tenor of 36 to 60 months, the corresponding APRs range from 3.73% to 33.93%. The final approval result is based on ZA Bank’s decision upon a holistic review of an application, together with a user’s final drawdown amount and repayment period.



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 The offer is only applicable to a loan amount of HKD 200,000 or above with a tenor of 6 to 24 months. The Annualised Percentage Rate (APR) of 1.99% is calculated based on a loan amount of HKD 200,000 or above with a tenor of 6 to 24 months. Please refer to the monthly flat rates in the Loan Interest Rate Table of the Terms and Conditions. APR is calculated based on the guidelines as set out in the Code of Banking Practice and rounded up to the nearest two decimal places. Interest is calculated on the basis of 365 days per year. The APR is calculated using method specified in relevant guidelines issued by The Hong Kong Association of Banks. An APR is a reference rate which includes the basic interest rate and other fees and charges of a product expressed as an annualised rate. Terms and conditions apply. To borrow or not to borrow? Borrow only if you can repay.

3 The promotion period of Tax Seasonal Loan with a guaranteed 1.88% APR has ended on 31 March 2021.

4 Terms and conditions apply.




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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.