ZA Bank, Hong Kong’s First All-Digital Bank, to Offer Insurance Services through “ZA Life” and “ZA Insure”

ZA Bank, the first digital bank to officially launch in Hong Kong, has decided to expand its line of products and services by offering insurance. This, soon after ZA Bank acquired a digital-only insurer license from the Hong Kong Insurance Authority under its Fast Track pilot program.

The digital bank’s new product offering, ZA Life, will be managed under the trade name ZA Insure. It aims to eliminate third-parties or intermediaries via an all-digital insurance network that fulfills quotations, underwriting and claims.

ZA Insure has been developed with the help of Fubon Life Insurance. It’s expected to launch soon, and will offer products such as life insurance and critical illness insurance to cover the different needs or requirements of customers.

Paddy Choy, chief actuary at ZA Insure, stated:

“Technology plays an important role in ZA Insure’s endeavor to improve user experience. ZA’s self-developed eKYC technology will be fully applied to our underwriting process, substantially reducing the time required for purchasing coverage. We will also employ multiple security, risk control and anti-fraud technologies to ensure the safety of user information.”

The ZA Bank has been established by ZhongAn Technologies International. The company introduced Hong Kong’s first all-digital bank in December 2019 as a pilot. The virtual bank was offering a competitive 6% interest rate on three-month deposits of up to HK$200,000 (appr. $25,000), which also included a 4% top up.

However, Za Bank is now offering only 1% interest on deposits (with no minimum balance), which is still better than most of its competitors.

ZA Bank became fully-operational in Hong Kong on March 24, 2020, after a year of “non-stop work” to get everything ready after receiving regulatory approval in March 2019.

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