Bank AI

Read

Chinese virtual bank ZA Bank has revealed plans to offer crypto trading services with fiat currencies to retail customers. 
In an <a href="https://www1.hkej.com/dailynews/finnews/article/3645352/%E6%8F%90%E4%BE%9B%E5%9F%BA%E9%87%91%E8%AA%8D%E8" target="_blank" rel="noopener">interview</a> with the Hong Kong Economic Journal, ZA Bank CEO Ronald Iu said the Hong Kong-based company eventually plans to start offering crypto trading services with fiat via its mobile application ZA Bank App, although he did not provide a timetable. 
The ZA Bank CEO noted that the company is set to double down on <a href="https://crypto.news/tag/web3/" target="_blank" rel="noreferrer noopener">web3</a>, as the virtual bank has already provided commercial banking services to over 80 crypto firms, including OKX’s branch in Hong Kong. In addition to OKX, ZA Bank is also a banking partner for local licensed virtual asset trading platforms HashKey and OSL. 
Since its inception in 2020, ZA Bank has undergone an expansion of its customer base, reaching a milestone where one in ten adults in Hong Kong now owns a ZA Card. Ronald Iu also said that as of the end of June, customer deposits have surpassed 10 billion yuan (~$1.4 billion), marking a 17% increase from the year-end in 2022. 
 You might also like: <a href="https://crypto.news/hong-kongs-hashkey-exchange-restricts-large-third-party-deposits-except-from-binance/"> Hong Kong’s HashKey Exchange restricts large third-party deposits except from Binance </a> 
In April, ZA Bank <a href="https://crypto.news/hong-kongs-za-bank-to-offer-crypto-conversions-and-accounts-in-citys-crypto-hub-bid/">revealed</a> its strategic initiative to position itself as a leading crypto bank, aligning with the needs of the web3 ecosystem. In a public statement, the head of the bank reiterated ZA Bank’s commitment to crypto, emphasizing the need to focus an approach of the “integration of traditional banking services with the web3 world.” 
Meanwhile, the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority <a href="https://crypto.news/hong-kong-signals-willingness-to-greenlight-crypto-spot-etfs/" target="_blank" rel="noreferrer noopener">have issued</a> a joint circular, acknowledging an increasing number of inquiries from entities interested in launching spot crypto exchange-traded funds (<a href="https://crypto.news/tag/etf/">ETFs</a>). 
In a bid to draw more capital into the region, the SFC has expressed its readiness to accept applications for the authorization of various funds with exposure to cryptocurrencies, encompassing spot crypto ETFs. 
 Read more: <a href="https://crypto.news/hong-kong-mulls-green-bond-sale-using-blockchain/"> Hong Kong mulls green bond sale using blockchain </a>

Hong Kong’s ZA Bank to offer retail traders crypto trading with fiat

crypto.news

Other articles published on Dec 25, 2023

Japanese Government Dismissed Tax On Unrealized Crypto Profit

DeFi Investor Unveils Top Crypto Picks for the Week Ahead Including BTC, AVAX and These Altcoins

How To Buy Solana Meme Coins?

Bitcoin (BTC) Might Be Up for a 2-Year Bull Run Based on Yield Charts and Potential Fed Action

MicroStrategy CEO’s Drastic Change in BTC Perspective: Analysis

While Bitcoin Price Stalls, Altcoins Experience Christmas Rally!

Join our free newsletter for daily crypto updates!