Hong Kong's largest virtual bank ZA Bank announces the provision of stablecoin reserve services

ChainCatcher news, according to Cointelegraph, Hong Kong's largest virtual bank, ZA Bank, has announced that it will provide exclusive reserve banking services for stablecoin issuers.

ZA Bank confirmed in a statement that it is the first digital bank in Hong Kong to offer such services and has partnered with the first stablecoin issuer, Yuancoin. Yuancoin becomes the first stablecoin issuer to utilize these reserve banking services, marking a significant advancement in the integration of traditional banking and fintech innovation. Additionally, ZA Bank is in discussions with about 10 other stablecoin companies for future collaboration projects and is actively supporting the policies of the Hong Kong Monetary Authority (HKMA).