ZA Bank, Virtual Bank

ZA Bank, Virtual Bank

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ZA Bank introduces “Zero Cost” loan product “100K Free Cash”
Repay the loan in full within three months and get a full refund on interest rates and handling fees


ZA Bank, Hong Kong’s first virtual bank, today announces the launch of its new loan product, “100K Free Cash”, which is the first-ever offering of its kind in Hong Kong. Starting from today until 30 September 2020, users who have successfully applied for a loan amount of HKD100,000 and have early settled the full amount within three months will be entitled to a full refund1 on interest rates and handling fees. This product aims to offer a helping hand to customers during this challenging economic time and ease their financial burdens with “Zero Cost”.

Applying for the “100K Free Cash” is simple and it takes just a few steps on the ZA Bank App. If an application is successful, users will receive their deposits via the Faster Payment System (“FPS”) function. On top of the convenience that comes with applying for this loan, users will also be able to experience another innovative service provided by ZA Bank within a specific time frame2 – the 30 minutes pledge. ZA Bank assures all loan applicants that they will be informed of their application results within 30 minutes of submitting all the required information and documents. If ZA Bank fails to meet this pledge, applicants will get HKD 10 for every single minute until they have received their results3 .

Devon Sin, Co-Head of Retail Business, ZA Bank, said: “As a virtual bank, ZA Bank has unique cost advantages, leading technological research and strength of development, which enable us to quickly develop products and services that cater to market trends and users’ needs in various scenarios. We have seen many types of loan products in the market, but only a handful of which are both low-cost and convenient. Meanwhile, some customers may need to undergo a lengthy and complex applications process with banks and then apply for the loan themselves at the branch as well. As some people cannot cater their urgent financial needs through loan products due to huge borrowing costs, we hope the ‘Zero Cost’ feature of "100K Free Cash" can give back to our users and share the cost advantages with them, along with the loan commitment that we built using our technology.”

COVID-19 has negatively affected the incomes of many families4 , and some people are troubled by financial burdens as a result. Devon continues, “As a company adopting a ‘Community Driven’ approach, not only do we design banking products in collaboration with users, but also accompany them through their difficulties. We expect that ‘100K Free Cash’ will help users ease their financial burdens, and provide a helping hand on their credit card payments, rent payments or other expenses they may have in order to help them rebuild their confidence.”

Besides the “100K Free Cash”, ZA Bank has launched the ZA Personal Loan with a maximum loan amount of HKD 1 million on 24 March 2020, on the bank’s first day of full operations. At present, customers can enjoy an Annualized Percentage Rate as low as 1.86%5 , as well as a seven-day cooling-off period. Customers who repay the loan in full within the specified period will have the handling fee waived, offering them more flexibility in their financial planning.


Terms and Conditions apply, please visit: To borrow or not to borrow? Borrow only if you can repay!
Monday to Sunday, 9:30am to 1:00am.
The maximum cash rebate is HKD500.
According to “Consumer Financial Hardship Study The impact due to COVID-19 in Hong Kong” research report by TransUnion.
The Annualized Percentage Rate (APR) is calculated based on a loan amount of HKD800,000 with a six-month repayment period and a monthly flat rate of 0.09%. The interest rate is calculated based on 365 days of a 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 all applicable interest rates, fees and charges of the product, expressed as an annualized rate.

Product feature

Loan Amount(HKD) Offer Applicable for the “30 minutes pledge”?
HKD 5,000 – HKD 100,000 “100K Free Cash” - Zero Cost1 Yes
HKD 101,000 – HKD 1,000,000 Annualized Percentage Rate as low as 1.86%5 No

For more details about “100K Free Cash” and ZA Personal Loan, please visit:


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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, offering a wide range of online financial services to Hong Kong users. ZA Bank was established by ZhongAn Technologies International Group Limited (“ZA International”). With “Community-Driven” approach, ZA Bank encourages users to directly contribute to its product development and design process together, guiding the bank to design and develop innovative products and services that will better serve the needs of Hong Kong customers.

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 market.