ZhongAn Technologies International Group Limited (ZA International) has been granted a virtual banking license by the Hong Kong Monetary Authority (HKMA). As part of the process of developing their digital bank, ZhongAn is reaching out to users to register for updates and to provide feedback on development on the site.
The new digital bank will be operated via ZhongAn’s subsidiary ZhongAn Virtual Finance Limited (ZAVFL). The license allows the company to offer a wide range of innovative online financial services to Hong Kong users. ZhongAn was part of the first group of 29 aspiring banks to apply for a virtual banking license.
In recent years, Hong Kong has become a hotbed of Fintech innovation. The decision to create a specific license to approve digital banks went from consultation to reality in just months.
ZA says its “community-driven” approach encourages users to participate in product design and development, thus guiding the company to create innovative products and services that will better serve the needs of Hong Kong users.
ZA states that it will be ready to go live and launch its first services in six to nine months.
ZA says it will first focus on technical excellence in the core banking services.
ZhongAn, an online insurance provider, is one of the largest Fintech’s in the world. The company trades on the Hong Kong Exchange and currently has a market cap of over USD $38 billion.