ZA Bank, Virtual Bank

ZA Bank, Virtual Bank

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ZA Bank expands footprint into insurance business

Enhancing user experience with ‘dual licence’ 1 model

 

ZA Bank is pleased to announce that it has been granted an Insurance Agency Licence from the Hong Kong Insurance Authority (“IA”), allowing it to act as an agent of ZA Insure, a fully digital insurer under the ZA brand. The move sees ZA Bank become Hong Kong’s first virtual bank to be the agent of insurance products powered by a digital-only insurer, 10 months after the bank’s official launch. This licence also enables ZA Bank to create an all-new digital banking experience.

ZA Bank will on-board a suite of ZA Insure products in due course. Users can then access its one-stop service from quotation, application, underwriting to payment, all to be completed in the ZA Bank App (the “App”) regardless of time and location. They can also view their policy details anytime in the App upon policy issuance, enjoying a seamless and convenient experience without the trouble of re-entering most of the personal particulars during the entire journey. Meanwhile, ZA Bank will adhere to ZA Insure’s philosophy of creating “insurance everyone can afford”, offering simple insurance products at inclusive prices to address users’ diverse needs for basic protection.

Wayne Xu, President of ZA International and CEO of ZA Insure, said: “We are delighted about this tie-up between ZA Bank and ZA Insure, the first in-depth collaboration between a virtual bank and a virtual insurer in Hong Kong. Ever since ZA Insure has received a digital-only insurer licence from the IA, customers in the market have been expressing their anticipation for our synergy with ZA Bank. We believe the two ZA businesses can leverage each other’s technology capabilities and cost advantages, and work together to create greater values for users’ digital banking journey down the road.”

Rockson Hsu, CEO of ZA Bank, said: “With our Community Driven approach, we are dedicated to identifying trends from user feedback, and then applying the insights into actual functions in our App. Today we have become the only virtual bank in Hong Kong that can offer savings, loans, card services and insurance products at the same time. This demonstrates not only our commitment to fulfilling our promise to users, but also our devotion to providing comprehensive services. We will continue to be a game changer as we step into the next chapter.”

ZA Insure (the trade name of ZA Life Limited) is a joint venture between ZhongAn Technologies International Group Limited and Fubon Life Insurance (Hong Kong) Company Limited. On 4 May 2020, ZA Insure obtained a digital-only insurer licence from the IA under its Fast Track pilot scheme.

 

Remarks:

1 “Dual licence” refers to the banking licence granted by the Hong Kong Monetary Authority and the Insurance Agency Licence granted by the Hong Kong Insurance Authority (Licence Reference Number: GA1009; for Long Term Business, excluding Linked Long Term Business)

 

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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 a “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.

 

About ZA Insure

ZA Insure is a digital-only insurance platform which strives to break the time and wealth constraints on insurance products. It brings the needs of users back into focus and helps them obtain the most suitable protection at a most reasonable cost. ZA Insure is dedicated to providing a user experience that is simple, fast, and accessible through its 24/7 online platform from quotation, underwriting to claim.

ZA Insure is the trade name of ZA Life Limited, a joint venture between ZA International and Fubon Life Insurance (Hong Kong) Company Limited. On 4 May 2020, ZA Life Limited obtained a digital -only insurer license from the Hong Kong Insurance Authority under its Fast Track pilot scheme.