Hong Kong’s Digital Banking Provider ZA Bank Introduces StockBack Offer

ZA Bank announced the launch of StockBack, a stock rebate program that allows users to get a free draw of various US stocks after each successful stock purchase transaction.

The move sets a precedent in the local banking industry “where users can get ‘stockback’ from every stock purchase for the first time in Hong Kong.”

ZA Bank, Hong Kong’s largest digital bank by user base, is “committed to building an all-in-one digital wealth management platform with the launches of fund and US stock investment services.”

The rollout of StockBack will bring “an upgraded stock investment experience to users.”

From now until 31 December 2024, ZA Bank users “will automatically get a StockBack for each successful purchase of US stocks.”

By logging into the dedicated campaign page and opening the PowerDraw box within 24 hours, users will receive “a Designated US Stock Redemption Coupon.”

The designated stocks for the coupons include “the top 100 US-listed companies and ETFs in terms of market capitalization, such as Microsoft, Apple, Tesla and other technology giants.”

Users can instantly redeem the coupon “for fractional shares in the form of market orders during US stock trading hours, or at the opening of the next trading day if the redemption is submitted outside of trading hours.”

There is no limit to the number of coupons “that a user can receive, and the redeemed shares can be sold at any time, where all commissions and transaction-related fees will be waived for the sale orders of the fractional stock portion.”

Calvin Ng, Alternate Chief Executive of ZA Bank, said:

“As the only digital bank in Hong Kong that offers savings, insurance and investment in one single app, we provide a comprehensive suite of wealth management solutions to help more users embark on their investment journeys at a lower cost. In the initial week since the launch of StockBack, the daily count of users trading in US stocks has increased by nearly 80%, where the number of daily transaction orders has also recorded a substantial growth of about 120%. 5 Our aspiration is to become a banking app with the most engaging investment experience through this innovative offering.”

In addition, from now until 30 June 2024, ZA Bank users “can collect a designated capsule through ZA Quest6, and open it to randomly draw a big-name US stock worth up to USD 77.77.”

The capsules are available on “a first-come, first-served basis while stocks last.”

The bank also announced the extension “of its US stock commission offer. Users who trade US stocks via the ZA Bank App can enjoy a trading commission of only USD 0.012 per share (min USD 3.88 per order) by 31 July 2024, regardless of the price of the stock purchased.”

Calvin continued:

“With StockBack, we strive to democratize US stock investments for more users. Investing in US stocks is no longer a remote possibility, as users can get popular US stocks for free simply by opening the PowerDraw boxes to reach a new milestone in wealth management.”

As noted in the update, 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.”

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