In a press release, Hong Kong’s largest virtual bank, ZA Bank, announced its strategic collaboration with HashKey Exchange to launch retail crypto services. With the latest development, retail clients of ZA Bank can buy and sell Bitcoin and Ethereum directly using fiat money. Calvin Ng, ZA Bank’s alternate chief executive, asserted that the partnership envisions bridging the gap between traditional finance and crypto, adhering to regulatory norms.
According to the bank’s official statement, users must own a bank account with ZA Bank. In addition, they should complete a risk assessment procedure before engaging with the bank’s application that facilitates the new service. Reportedly, ZA Bank has now become Asia’s first bank to provide crypto trading services to retail customers.
Ng addressed the rising interest in cryptocurrencies that drive investors to look for diverse asset allocation opportunities. Reportedly, global crypto users have reached 560 million in mid-2024, marking a 30% year-on-year increase. In a recent survey in Hong Kong, 70% of the respondents stated that crypto trading services in banks could help boost the crypto market’s growth. Addressing investors’ interests, ZA Bank launched its new service to diversify their investment options. The bank stated,
Through the ZA Bank app, users can now seamlessly trade top cryptocurrencies in HKD and USD — all within a single platform, with no need to switch between apps or platforms.
HashKey Exchange’s CEO, Livio Weng, reinforced the platform’s enthusiasm for cooperating with ZA Bank, which he believes would advance the Web3 space’s development. Highlighting the alliance’s vision, he stated, “Our collaboration goes beyond technical synergies; it also reflects our shared commitment to upholding the highest regulatory standards.”
Hong Kong Enhances OTC Crypto Regulation and Oversight
Hong Kong is well-known in the crypto space for its endeavors to position itself at the forefront of the evolving industry and establish a crypto hub. Despite mainland China’s stringent regulations and restrictions over crypto, Hong Kong is one of the top 10 global Bitcoin cities.
