Hong Kong's virtual bank known for its "Web3 friendliness" - "ZA Bank" announced today (25th) that it has officially launched 24/7 cryptocurrency investment services, becoming the first in Asia to provide cryptocurrency to retail investors. Bank for transactions, further consolidating ZA Bank’s leading position in the field of digital wealth management.
ZA Bank stated that from now on, customers can directly buy and sell cryptocurrencies in Hong Kong dollars and US dollars through the ZA Bank App without having to switch to other applications or platforms, greatly simplifying the investment process.
Although the Hong Kong Securities and Futures Commission has allowed four currencies for retail investors to trade, ZA Bank currently only provides trading services for Bitcoin and Ethereum, the two major cryptocurrencies. ZA Bank’s interim CEO Calvin Ng revealed to (Ming Pao) , has been communicating with the regulatory authorities, and will gradually add support for the other two currencies in the future.
The Securities and Futures Commission only opened up cryptocurrency trading for retail investors last year. Wu Zhonghao stated that ZA Bank has been preparing this service for nearly a year, and in addition to compliance standards and ensuring service stability and customer protection, due to the high risk level of cryptocurrency investments, marketing will focus on 'user education'.
He added that after the launch of cryptocurrency trading services, ZA Bank hopes to drive up fee income, attract new customers, and positively impact the bank's turnaround.
ZA Bank stated in a press release that the minimum trading amount for cryptocurrency investment services is $70 or HKD 600; a commission of $1.99 or HKD 15 is charged for each transaction; the platform fee is 1.5% of the transaction amount.
During the promotional period before June 30 of next year, customers who activate cryptocurrency investment services can enjoy the following benefits within 90 days from the date of activation:
Source: ZA Bank
Wu Zhonghao stated in a press release: "The rise of cryptocurrencies provides investors with more diversified asset allocation options."
As a bank, we deeply understand the importance of security and compliance, which is why we have partnered with the world's leading licensed virtual asset exchange HashKey to strictly adhere to regulatory requirements and provide bank-grade security for investors in virtual asset trading, which has also become an important core competitive advantage for us in the Asian market.
HashKey Exchange CEO Livio Weng stated: "We are honored to partner with ZA Bank to jointly promote innovation in virtual banking services in Asia. As Hong Kong's largest licensed virtual asset exchange, HashKey Exchange has been dedicated to providing users with compliant and secure digital asset trading services."
ZA Bank, as the first bank in Asia to offer such services, demonstrates its leadership and innovative spirit in the integration of financial technology. Our collaboration is not only a technical merger but also a shared commitment to high compliance standards. Looking ahead, HashKey Exchange and ZA Bank will work together to provide users with more diversified financial services, jointly creating a new era of wealth management.
"The first wave supports BTC and ETH! Hong Kong ZA Bank provides 'cryptocurrency trading services' to retail investors." This article was first published on (Blockke).
