ChainCatcher news, according to the Hong Kong Economic Times, ZA Bank CEO Yao Wensong stated in a recent interview that ZA Bank is not only the first digital bank to open in Hong Kong but also the first digital bank in Hong Kong. By the end of 2023, its user numbers and deposit amounts are the highest among the eight licensed digital banks.Yao Wensong mentioned that ZA Bank has invested a lot of resources in supporting Hong Kong's Web3 ecosystem. Among the more than 200 Web3 companies in Cyberport, over 100 have opened accounts with ZA Bank. He also stated that ZA Bank provides corresponding functional support for the two licensed virtual asset trading platforms in Hong Kong to align with the future development of virtual assets.

ChainCatcher news, according to 21st Century Business Herald, ZA Bank stated that the bank's customer deposit balance in the first quarter of 2024 increased by 50% compared to the previous quarter, and plans to launch retail virtual asset trading.

ChainCatcher news, according to reports, Hong Kong virtual bank ZA Bank announced that it will be the first to provide exclusive banking services to stablecoin issuers, ensuring the security of their fiat currency reserves.According to ZA Bank, in 2023, the bank processed transfer transactions exceeding 1 billion USD for Web3 corporate clients, serving 80% of virtual asset trading platforms (VATP) in Hong Kong, and has provided services to over 100 well-known Web3 companies in various fields.

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 Deep Tide reports, at the signing ceremony of the strategic cooperation between "KUN & Hashkey Exchange," Dr. Xiao Feng, founder of Hashkey Group, stated in his speech that Hashkey Group will jointly issue stablecoins in Hong Kong with Yuan Coin Technology and ZhongAn Bank.Yuan Coin Technology was founded by former Hong Kong Monetary Authority president Chen Delin and has obtained a Stored Value Facility (SVF) license issued by the Monetary Authority. The five main shareholders include members from ZhongAn Digital Asset Group under ZhongAn Online and HashKey Holdings Limited. Yuan Coin Technology primarily targets the B2B market, aiming to help trade enterprises solve cross-border payment challenges and assist companies in managing foreign exchange risks.

ChainCatcher news, according to reports from the Hong Kong Economic Journal, ZA Bank has applied to the Hong Kong Securities and Futures Commission for a Type 1 license (securities trading) for virtual asset upgrades, hoping to connect to a licensed platform in the future, allowing customers to buy and sell virtual assets on the bank's application.ZA Bank stated that it is currently still in the "application submission" stage and will actively seek approval from the regulatory authority, with no specific timeline for approval yet.

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.

ChainCatcher news, Hong Kong's ZA Bank announced plans to launch virtual asset trading services for retail investors. By collaborating with local licensed virtual asset exchanges, ZA Bank will seek regulatory approval to enable retail investors to buy and sell virtual assets using fiat currency through the ZA Bank App.According to reports, ZA Bank stated that as a licensed bank in Hong Kong, it will adhere to strict customer safety and regulatory compliance standards. After obtaining the necessary regulatory approval for virtual asset trading services, ZA Bank will work with third-party vendors to implement higher security guidelines and comply with stringent anti-money laundering (AML) and know your customer (KYC) regulations. In addition, ZA Bank will provide user education regarding the characteristics and risks associated with virtual asset trading. (Source link)

ChainCatcher news, according to Bloomberg, Ronald Iu, CEO of ZA Bank in Hong Kong, stated in an interview on Tuesday that ZA Bank will provide a service for converting crypto tokens to fiat currency through licensed exchanges. Ronald Iu mentioned that ZA Bank will act as the settlement bank for customers, allowing them to withdraw in Hong Kong, Chinese, and US currencies after depositing crypto tokens at the exchange.Ronald Iu also stated that this business model has been operating with HashKey and OSL, which are currently the only two licensed cryptocurrency exchanges in Hong Kong. ZA Bank will also offer the same services to other licensed exchanges. (source link)