HONG KONG, Nov. 1, 2023 /PRNewswire/ — ZA Bank, Hong Kong’s No.1 virtual bank[1], and OKX, a leading global virtual asset exchange and Web3 technology company, today announced that the bank has opened an operating account for OKX Hong Kong.
The ZA Bank operating account provides essential business banking services to support OKX Hong Kong’s daily banking needs. This lends further support to OKX Hong Kong’s plan to apply to the Securities and Futures Commission for the Virtual Asset Trading Platform (VATP) licence under the amended Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO), and also the Type 1 & 7 licences under the Securities and Futures Ordinance (SFO).
ZA Bank Alternate Chief Executive Devon Sin said: "We’re excited to be a trusted banking partner of OKX as it continues to grow its presence in Hong Kong. This is a further step towards realising our ‘Banking for Web3’ vision, and we look forward to working closely with OKX in support of the healthy development of a vibrant Web3 ecosystem in Hong Kong under the new licensing regime for VATPs."
Earlier this year, ZA Bank has unveiled its ambition to become the go-to banking partner for SFC-licensed VATPs and Web3 companies in Hong Kong, with the aim of supporting the HKSAR Government’s agenda of developing the city into a leading global hub for Web3 technologies.
OKX Global Chief Commercial Officer Lennix Lai said: "As Hong Kong continues to develop into a leading international Web3 and virtual asset hub, close collaboration and banking relationships are critical. By working with ZA Bank, we aim to build the virtual asset space in Hong Kong and drive mass adoption, including joint investor education activities."
In March, OKX announced the establishment of OKX Hong Kong, and its intention to apply for the relevant licenses for virtual asset trading platforms.
[1] "No.1 Virtual Bank" refers to ZA Bank’s leading position derived from the total number of users, deposits and assets as of 30 June 2023 among the eight licensed virtual banks that provide digital banking services (Source: Interim reports of virtual banks).
About ZA Bank
ZA Bank Limited ("ZA Bank"), 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 ("ZA International"). 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.
Based on market data as of 30 June 2023, ZA Bank has gained the support of 700,000 users, becoming the largest virtual bank in Hong Kong in terms of user base with a leading position in the virtual banking industry in terms of customer deposits and assets. The bank was named Virtual Bank of the Year – Consumer (Hong Kong) in the The Asset Triple A Digital Awards 2023.
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 company in mainland China, to explore international business development, collaboration and investment opportunities in the area of fintech and insurtech in overseas markets.
About OKX
OKX is the second-largest global crypto exchange by trading volume and a leading Web3 ecosystem. Trusted by more than 50 million global users, OKX is known for being the fastest and most reliable crypto trading app for traders everywhere.
As a top partner of English Premier League champions Manchester City FC, McLaren Formula 1, golfer Ian Poulter, Olympian Scotty James, and F1 driver Daniel Ricciardo, OKX aims to supercharge the fan experience with new engagement opportunities. OKX is also the top partner of the Tribeca Festival as part of an initiative to bring more creators into web3.
Beyond OKX’s exchange, the OKX Wallet is the platform’s latest offering for people looking to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens.
OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.
To learn more about OKX, download our app or visit: okx.com
Disclaimer
This announcement is provided for informational purposes only. It is not intended to provide any investment, tax, or legal advice, nor should it be considered an offer to purchase, sell, or hold digital assets. Digital assets, including stablecoins, involve a high degree of risk, can fluctuate greatly, and can even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances.
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