As a seasoned crypto investor with a decade-long journey under my belt, witnessing the evolution of the digital asset industry has been nothing short of exhilarating. The recent approval granted to ZA Bank to offer crypto investment services is a testament to the maturing landscape we find ourselves in today.
In simpler terms, it means that ZA Bank, a digital financial services provider authorized by the Hong Kong Monetary Authority, has been given permission to expand its services to include cryptocurrency investments.
On Monday, September 30, the company made public its achievement as the initial local virtual bank to secure a Type 1 license from the Securities and Futures Commission (SFC). This permit enables the company to engage in trading activities, which encompass securities such as cryptocurrencies.
A New Chapter in Crypto Services
After a 12-month period since the implementation of Hong Kong’s fresh licensing system in June 2023, which mandated all unregistered crypto companies to leave the market by February 2024, approval has been granted.
Now that we’ve obtained the necessary permit, ZA Bank is all set to introduce straightforward cryptocurrency investment services tailored for users. Our primary objective at first will be to provide a novel investing experience, with several compliant products scheduled to debut over the next few months, ensuring adherence to local laws and regulations.
This digital bank in Hong Kong is renowned for its extensive range of financial products, which sets it apart from others. It operates around the clock, providing services such as deposits, loans, transfers, payments, and insurance. In just two years since its launch, it has attracted a user base of half a million people who are taking advantage of its diverse offerings.
According to Rockson Hsu, CEO of ZA Bank, our relentless focus on delivering exceptional user experiences is what sets us apart as a trailblazer in the banking sector. It’s been only two years since our grand debut, yet our commitment to innovative banking solutions has won over more than half a million users[2]. We’re excited about continuing to elevate the user experience with our groundbreaking investment fund services.
A Record-Breaking Performance
Beyond a rapidly expanding user base of half a million, ZA Bank has distinguished itself as Hong Kong’s pioneering digital-only bank by recording an unprecedented monthly profit this year within the city.
The organization has consistently focused on enhancing its operations to boost its position in the cryptocurrency sector. Recently, it disclosed plans to engage with multiple stablecoin providers, aiming to provide them with reserve accounts in anticipation of the debut of the Hong Kong-based stablecoin, referred to as HKDA.
As an analyst, I can affirm that our bank is committed to ensuring a steady value for the digital asset we’re handling, even during turbulent financial market conditions. Our CEO, Devon Sin, expresses optimism about the immense potential of stablecoins, seeing them as valuable assets in both wholesale and retail markets.
In various scenarios, such as wholesale and retail markets, securitization, trade settlement, and addressing issues in international money transfers, stablecoins have a wide range of applications. Our interest lies in discovering practical ways to implement them for potential providers, he stated.
In March 2024, financial regulators in Hong Kong began accepting applications for individuals or entities interested in participating in their stablecoin testing environment.
Officials have recently finalized their discussion about digital assets and are now preparing to introduce a new regulatory system tailored towards the emission and utilization of stablecoins in Hong Kong.
Read More
Sorry. No data so far.
2024-09-30 17:57