ZhongAn Bank: 60 to 70 Web3 companies have opened operational accounts, and another 20 to 30 are under review

ChainCatcher news, according to Hong Kong Economic Journal, the CEO of ZA Bank, Yao Wensong, stated that the bank expects to launch US stock products this year, and investment products for Hong Kong stocks are also in the planning stage, while actively developing Web3 business to achieve breakeven as soon as possible.

The acting CEO, Xian Diwen, mentioned that there are currently 60 to 70 Web3 companies that have opened operating accounts, with another 20 to 30 under review. These operating accounts cannot handle customer assets and can be used for payroll, rent, utilities, and handling company capital, making it easier for businesses to establish teams in Hong Kong and hire employees for business and risk departments while applying for licenses from the Securities and Futures Commission. Another type of account is the settlement account, which can handle customer assets but will initially be temporarily closed.

When a business receives "in-principle approval" for a license, it will be required to provide more anti-money laundering (AML) information before the settlement account is reopened for testing deposit and withdrawal processes. Once a business obtains a formal license, the account will be officially activated, and ZA Bank will become the settlement bank for licensed exchanges, providing fiat currency deposit and withdrawal settlement services. Currently, the two licensed platforms in Hong Kong, HashKey and OSL, are also its clients.