{"id":3254,"date":"2023-04-17T07:56:06","date_gmt":"2023-04-17T07:56:06","guid":{"rendered":"https:\/\/nftmetta.com\/?p=3254"},"modified":"2023-04-17T07:56:07","modified_gmt":"2023-04-17T07:56:07","slug":"hong-kongs-za-bank-offers-crypto-conversions-accounts-in-citys-push-bloomberg-reports","status":"publish","type":"post","link":"https:\/\/nftmetta.com\/hong-kongs-za-bank-offers-crypto-conversions-accounts-in-citys-push-bloomberg-reports\/","title":{"rendered":"Hong Kong\u2019s ZA Bank Offers Crypto Conversions, Accounts in City\u2019s Push: Bloomberg reports"},"content":{"rendered":"\n

April 17, 2023<\/p>\n\n\n\n

By Sharan Kaur Phillora<\/p>\n\n\n\n

As the collapses of Signature Bank and Silvergate sent crypto companies scrambling, a virtual bank from Hong Kong is extending a warm welcome to web3 startups. The new crypto conversions<\/u><\/a> offered by ZA Bank will take place on HashKey and OSL, the only licensed crypto exchanges in the Chinese semi-autonomous region.<\/p>\n\n\n\n

Here\u2019s what we know: <\/strong><\/p>\n\n\n\n

The latest move comes after ZA Bank, Hong Kong\u2019s largest virtual bank, announced that it seeks to diversify its digital asset sector.<\/p>\n\n\n\n

\u201cIt\u2019s too early to say what the revenue model is here\u201d,  Ronald Iu<\/u><\/a>, the lender\u2019s chief executive officer, told Bloomberg. \u201cMore clients, more deposits, more business opportunity is always great for the bank\u201d. <\/p>\n\n\n\n

Hong Kong\u2019s payment market has significantly matured over recent years, despite many people still preferring cash over card payments. <\/p>\n\n\n\n

GlobalData\u2019s \u201cHong Kong Cards and Payments: Opportunities and Risks to 2026\u201d report<\/u><\/a>, published in April, states that mobile wallets and card payments transactions witnessed compound annual growth rates of 22.5% and 7.5%, respectively, between 2018 and 2022.<\/p>\n\n\n\n

In addition, ZA Bank announced on 12 April that it is seeking to become the go-to bank for the Web3 ecosystem, a new version of the World Wide Web incorporating modern payment technologies such as blockchain transactions and token-based economics.<\/p>\n\n\n\n

\u201cAs Hong Kong is stepping up efforts to cultivate a Web3-friendly environment, ZA Bank\u2019s online account opening for Web3 startups represents a major step forward in integrating traditional banking services with the Web3 world\u201d, said Lu.<\/p>\n\n\n\n

\u201cIt signals a greater acceptance and recognition of the importance of this emerging sector and hopefully will encourage other financial institutions to follow suit in offering tailored banking services for Web3 companies\u201d, he continued.<\/p>\n\n\n\n

About the author<\/strong><\/strong><\/p>\n\n\n\n

Sharan Kaur Phillora\u2019s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology \u2013 two emerging technologies that will change how we interact with each other in the future. When she isn\u2019t exploring a new idea or concept, she enjoys reading literary masterpieces.<\/p>\n","protected":false},"excerpt":{"rendered":"

April 17, 2023 By Sharan Kaur Phillora As the collapses of Signature Bank and Silvergate sent crypto companies scrambling, a virtual bank from Hong Kong is extending a warm welcome […]<\/p>\n","protected":false},"author":1,"featured_media":3257,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/3254"}],"collection":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/comments?post=3254"}],"version-history":[{"count":1,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/3254\/revisions"}],"predecessor-version":[{"id":3258,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/3254\/revisions\/3258"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/media\/3257"}],"wp:attachment":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/media?parent=3254"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/categories?post=3254"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/tags?post=3254"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}