ZA Bank, the first and largest digital bank in Hong Kong, collaborates with HashKey, a licensed virtual asset exchange in Hong Kong, to provide cryptocurrency trading services to retail users. ZA Bank users can easily buy and sell mainstream cryptocurrencies such as Bitcoin and Ethereum directly with HKD and USD through the ZA Bank App, significantly simplifying the investment process. This makes ZA Bank not only the only bank in Hong Kong but also the first in Asia to offer cryptocurrency trading services to retail users. In an exclusive interview, ZA Bank Acting CEO Calvin Ng and HashKey Exchange CEO Livio Wong attended to answer reporters' questions.
24/7 all-weather service, fast and convenient transactions
ZA Bank team members demonstrate how to operate on the App. Users can clearly see their positions, market trends, and price fluctuations in their personal accounts. Users can directly buy and sell cryptocurrencies with HKD or USD, with transactions automatically deducted from their accounts. When selling, the amounts are directly converted to fiat currency and credited to their current accounts, making it simple and quick, with cryptocurrency trading services available in as little as one minute. To attract customers, ZA Bank offers zero-commission cryptocurrency trading.
Seriously providing excellent banking services
As one of the first banks to receive approval from the Monetary Authority for a virtual banking license (now referred to as a digital bank), ZA Bank has now become the first bank in Asia to offer cryptocurrency trading services to retail users. The driving force behind its continual innovation and leadership, Calvin Ng summarized two key points: providing excellent banking services and responding to user demands.
He stated: "ZA Bank's brand philosophy is 'Break the rules, do banking well.' The most basic condition for innovation is to provide excellent banking services, whether it’s transfers, card payments, or investments. At this critical juncture of cryptocurrency's rise, we collaborate with HashKey to learn from the industry and refine our products. As an emerging bank, we may lack history and time, but in the realm of Web3 or cryptocurrency, the competition lies in the dedication to refining products and curiosity towards new things. Now we stand on the same starting line as all banks, and daring to step out aligns with our brand philosophy."
ZA Bank Acting CEO Calvin Ng
Another point is responding to user demands. We are not innovating for the sake of innovation; we have discovered that users in Hong Kong and globally are very interested in emerging assets like cryptocurrency, especially since most of our users are young Generation Z individuals who have a higher acceptance of cryptocurrency. In a previous survey, 70% of users indicated that they would be interested in participating in related investments if banks could provide cryptocurrency trading services. Therefore, ZA Bank is also continuously learning to aim for providing a safe and reliable environment for users.
He emphasized that as a bank, they understand the importance of security and compliance. This collaboration with HashKey, a globally leading licensed virtual asset exchange, strictly adheres to regulatory requirements, providing bank-grade security for investors in virtual asset transactions. This has become an important core competitive advantage for ZA Bank in the Asian market.
Hong Kong banks standing at the forefront
HashKey Exchange CEO Livio Wong stated that the collaboration between ZA Bank and HashKey to provide cryptocurrency services for retail users can be seen as being at the forefront. "We analyze this from two perspectives: one is the entry point for users to manage assets, and the other is the type of assets. This collaboration can be described as historic. Traditionally, banks have been the entry point for asset management for conservative groups, but with the rise of Web3, more and more people are beginning to manage assets through personal wallets or exchange accounts, especially within the Web3 community where Bitcoin assets account for over 95%. Thus, they are more inclined to use personal wallets or exchanges for asset management. Traditional and Web3 users may seem distinctly different, with more traditional (bank account users), but the recent development of Web3 has led to a growing number of the latter. The U.S. elections have shown that Bitcoin has, to some extent, dominated the presidential affiliations. The Web3 community has quickly evolved from a small niche to a 'key minority' and may potentially become a larger mainstream. These two groups are likely to gradually reach a balanced state, as history dictates; if you do not embrace the crowd, you will be eliminated by the times.
From the perspective of industry development over the past two years, from funds to countries to financial institutions, everyone has recognized the gradually strengthening trend of cryptocurrency. As a relatively conservative group, banks mostly remain in a state of brewing or observation. Therefore, ZA Bank's move will lead the banking industry in Asia and even globally to take a significant step forward in this trend, which will create a great demonstration effect for the entire banking industry. Such bold attempts will certainly yield good returns.
HashKey Exchange CEO Livio Wong
On the other hand, from an asset perspective, the mainstream assets in the past were fiat currency and gold. However, discussions in the U.S. these days revolve around whether to sell some gold to convert into BTC reserves. This represents a historical turning point, much like the current weather in Hong Kong where some people wear short sleeves while others wear down jackets. Gold has been a universally recognized asset, and the rapid development of BTC in recent years has even surpassed silver to become the eighth largest asset globally. With the onset of Trump's administration and subsequent policies, we believe BTC has even greater potential to gradually become a more mainstream asset. Compared to fiat currency, the upcoming interest rate cuts and liquidity releases in USD will also encourage more people to embrace BTC. Therefore, the next decade will be full of changes, and ZA Bank is already positioned at the forefront.
Calvin stated that ZA Bank not only embraces financial technology innovation but also effectively bridges the connection between traditional banking and cryptocurrency, allowing cryptocurrency to truly enter the mainstream banking market. This not only provides users with a better experience but also actively promotes the development of the Web3 ecosystem in Hong Kong, facilitating the deep integration of finance and technology.
