Digital Banking: ZA Bank becomes Hong Kong’s First Virtual Bank to Receive Type 1 SFC License

Hong Kong’s leading virtual bank ZA Bank has reportedly expanded its footprint into investment business as the first local digital-only bank to be “licensed by the Securities and Futures Commission (SFC) for Type 1 regulated activity (dealing in securities).”

As mentioned in an update shared with Crowdfund Insider, ZA Bank will offer users simple and convenient investment services, “with an initial focus on creating a different fund investment experience with an array of products in the pipeline.”

Users can then embark “on a one-stop, holistic investment journey in the ZA Bank App anytime, anywhere.” ZA Bank is currently one of “the local virtual banks with the most comprehensive product suite to address users’ integrated financial needs, through its 24/7 services covering deposit, loan, transfer, payment, and insurance.”

Rockson Hsu, CEO of ZA Bank, said:

“The obsession with user experience shows our determination to be the ‘Game Changer’ in the banking industry. Within just 2 years since our full launch, our dedication to innovative banking services has earned us the trust and support of more than 500,000 users. We look forward to further enhancing users’ experience with our game-changing investment fund services.”

ZA Bank will officially launch its investment fund service “in due course,” the update confirmed.

As covered, ZA Bank Limited, licensed by the Hong Kong Monetary Authority (HKMA) on 27 March 2019, is one of “the first batch of virtual banks” in Hong Kong.

On 24 March 2020, ZA Bank officially launched its services to the public, “making it the first fully-operating virtual bank in Hong Kong. On 22 March 2021, ZA Bank officially launched Business Banking to deliver an innovative banking experience to local small and medium-sized enterprises.”

ZA Bank was established by ZhongAn Technologies International Group Limited. With its “Community-Driven” approach, ZA Bank encourages users to “directly contribute to its product development and design processes, helping the bank create innovative services that better serve the needs of Hong Kong customers.”

ZA Bank is Hong Kong’s leading digital bank. Based on market data, ZA Bank reportedly “secured a leading position in the virtual banking industry in terms of personal deposits and loan amount as of 30 June 2021.”

The bank has also “gained the support of more than 500,000 users as of 31 December 2021, becoming the largest virtual bank in terms of user base.”

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 firm in China, to “explore international business development, collaboration and investment opportunities in the area of fintech and insurtech in overseas markets.”

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