December 27, 2023
By Sharan Kaur Phillora
ZA Bank, a leading figure in Hong Kong’s virtual banking sector, has announced a sweeping expansion of its services into the Web3 domain, specifically targeting a roster of 80 companies, including the notable OKX. This move underscores the bank’s commitment to integrating technology with finance, aiming to offer users more efficient, cost-effective services.
Here’s what we know:
Since August 2022, under the leadership of CEO Yao Wensong, ZA Bank has rolled out a series of initiatives to reduce costs and enhance the customer experience. A significant aspect of these efforts is a fund subscription fee discount, which, until the end of November, reportedly saved users over 100 million yuan. This initiative reflects the bank’s commitment to leveraging technology to improve service quality and efficiency.
ZA Bank’s partnership with global technology company Wise further illustrates its focus on customer value, notably through reduced overseas remittance fees. These strategic moves have coincided with a remarkable growth trajectory for the bank. By the end of June, it was reported that one in every ten adults in Hong Kong held a ZA Card, and the bank’s customer deposits surged past 10 billion yuan, marking a 17% increase from the previous year.
The bank’s venture into the Web3 space is particularly noteworthy. With its “Banking For Web3” vision unveiled in April, ZA Bank has expanded its commercial banking services to over 80 Web3 companies. This list includes high-profile entities such as OKX Hong Kong and locally licensed bank partners like HashKey and OSL. This expansion diversifies the bank’s service portfolio and positions it at the forefront of the next wave of financial technology innovation.
Looking to the future, CEO Yao Wensong has expressed ambitions to enable retail investors to perform virtual asset transactions with legal currency directly through the ZA Bank App. This forward-thinking approach is part of the bank’s broader strategy to redefine the interface of financial services and technology, promoting a more inclusive, efficient, and customer-oriented banking experience.
As ZA Bank continues to forge strategic alliances and develop innovative solutions, it is setting new industry standards for how banks can serve as catalysts for financial empowerment and technological integration
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.
