According to TechFlow, ZA Bank, Hong Kong's first digital bank, announced that it will provide exclusive "reserve bank services" to stablecoin issuers, becoming one of the first banks to provide such services. ZA Bank actively responded to the Hong Kong Monetary Authority's (HKMA) stablecoin issuer sandbox program to promote Hong Kong to become a global leader in the fintech and Web3 ecosystem.
ZA Bank’s partner, Yuanbi Innovation Technology Co., Ltd. (“Yuanbi”), is also on the list of sandbox participants recently announced by the HKMA, becoming the first stablecoin issuer to receive “reserve bank services”. This cooperation will help enhance the stability and public trust of digital assets.
Yao Wensong, CEO of ZA Bank, said: "We are very honored to be the first digital bank in Hong Kong to provide banking services to stablecoin issuers. Our cooperation with Yuanbi symbolizes our shared commitment to innovation and enhancing the stability of digital assets."
“We are currently in talks with nearly 10 stablecoin companies and will continue to support the HKMA’s policies. By providing a safe and reliable banking infrastructure, we will further enhance confidence in the stablecoin market. ZA Bank will continue to support the development of Web3 and strengthen Hong Kong’s position as an international virtual asset center.”