ChainCatcher news, according to reports, digital bank ZA Bank has announced that its virtual asset trading service has entered the sandbox testing phase. The bank stated that this innovative service aims to allow eligible retail investors in Hong Kong to enjoy a safer, more reliable, and convenient virtual asset trading experience in a strictly regulated banking environment, further promoting the development of fintech in Hong Kong.

ChainCatcher news, the Hong Kong Securities and Futures Commission (SFC) has allowed ZA Bank to add virtual asset trading conditions to its Type 1 license, enabling cryptocurrency trading.A spokesperson for ZA Bank stated that the bank has received approval from the SFC to add virtual asset trading conditions to its Type 1 license, which is a significant breakthrough for the company and the entire industry. The bank will actively prepare for the relevant sandbox testing.

ChainCatcher news, ZA Bank's acting CEO Wu Zhonghao stated that the expansion of the customer base has led to operational efficiencies, resulting in revenue growth. Additionally, about a year and a half ago, the bank adjusted its business strategy, no longer relying solely on high-interest deposits to attract customers, which contributed to achieving monthly profitability in July this year, making it the first virtual bank to successfully achieve monthly profits.Given that the market conditions remain unclear, Wu Zhonghao is not yet willing to assert whether profitability can be maintained in the second half of the year, but he is confident in achieving sustainable profitability in the long term.

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).

ChainCatcher news, cryptocurrency financial service provider SCRYPT announced the completion of a $5 million strategic financing round, led by Braza Bank, with follow-on investments from venture capital firms such as Funfair Ventures, Cabrit Capital, and Atlantic Labs.SCRYPT has also recently received approval from Swiss regulators to launch asset management solutions, with SCRYPT Digital Investments AG obtaining a portfolio manager license issued by the Swiss Financial Market Supervisory Authority (FINMA) in July 2023.

ChainCatcher news, according to reports, Hong Kong virtual bank ZA Bank (ZhongAn Bank) announced that it will be the first to provide exclusive banking services to stablecoin issuers, offering ultimate security for their fiat reserves.

ChainCatcher news, according to reports from the Hong Kong newspaper, the CEO of ZA Bank (ZhongAn Bank), Yao Wensong, stated that ZhongAn Bank has provided commercial banking services to over 80 Web3 companies, including OKX Hong Kong. It is also a banking partner of local licensed virtual asset trading platforms HashKey and OSL. In the future, it hopes to support retail investors to trade virtual assets using fiat currency through the ZA Bank App.

ChainCatcher news, according to reports from the newspaper, ZhongAn Online announced that its wholly-owned subsidiary ZhongAn Technology plans to increase its capital by approximately 496 million yuan to ZhongAn International, which holds the virtual bank ZA Bank. The transaction will be divided into initial and subsequent deliveries. After the transaction is completed, its shareholding in ZhongAn International will increase from the current 43.65% to 45.04%. ZhongAn Online stated, "We are optimistic about the prospects of ZhongAn International's Hong Kong virtual bank and overseas market technology output business."Previously, ChainCatcher reported that ZA Bank has currently provided HKD fiat deposit services for HashKey Exchange, Hong Kong's first licensed retail exchange.

ChainCatcher news, ZhongAn Online P&C Insurance Co., Ltd. (ZhongAn Online, 06060.HK) announced that its virtual bank ZA Bank, located in Hong Kong, achieved a net income of HKD 152 million in the first half of this year, a year-on-year increase of 13.0%. The net interest margin further increased to 1.87% during the interest rate hike cycle. As of the end of June, ZA Bank recorded a deposit balance of HKD 10.712 billion and total loans of approximately HKD 4.916 billion, with a loan-to-deposit ratio of 45.9%.ZA Bank's net loss improved by HKD 57 million compared to the same period last year, with the net loss rate narrowing by about 60 percentage points. In its semi-annual report, ZhongAn Online stated that ZA Bank is currently providing basic commercial banking services for Web3 enterprises, while also serving as a settlement bank for local licensed virtual asset exchanges such as HashKey Exchange, offering convenient fiat deposit and withdrawal services. In addition, ZA Bank plans to launch U.S. stock trading services in due course to further meet users' diverse investment and financial needs.