Hong Kong-based virtual bank ZA Bank is set to launch asset trading services for retail investors. Through the launch, ZA Bank looks to support the Hong Kong SAR government’s vision to develop a vibrant sector and ecosystem for virtual assets.
ZA Bank planned to launch new services in response to the growing demand for virtual assets in Hong Kong. By partnering with Hong Kong-licensed virtual asset exchanges, ZA Bank aims to obtain the required regulatory approvals to enable retail investors to trade virtual assets by using fiat currency within its ZA Bank App.
The move comes as part of ZA Bank’s strategic expansion plan to provide a comprehensive suite of financial services. In addition to virtual asset trading, ZA Bank also plans to introduce US stock trading services in the near future. It hopes new offerings will strengthen its position as an innovative wealth management platform.
Ronald Iu, CEO of ZA Bank, said: “We welcome the licensing guidelines issued yesterday by the Hong Kong SFC, and we are excited to offer the new investment opportunities brought by virtual assets to our users. We believe that virtual assets hold the potential to become a significant asset class in the future. By offering virtual asset trading services, we will give our users the opportunity to stay ahead of the curve with ZA Bank under a regulated environment.
“Users can look forward to a more diverse banking product suite as we continue to evolve in our mission to become a future bank for now”.
Regulatory compliance
As a licensed bank in Hong Kong, ZA Bank explained that it adheres to the highest standard of customer security and regulatory compliance. Upon obtaining the necessary regulatory approvals for virtual asset trading services, ZA Bank has plans to work closely with relevant stakeholders to implement appropriate safeguards to ensure the safety and integrity of its services.
Regulatory measures will encompass collaborating with trusted third-party providers, implementing advanced security protocols, and adhering to strict anti-money laundering (AML) and know-your-customer (KYC) regulations. In addition, ZA Bank also plans to educate its users on the risks and benefits associated with this form of trading, to ensure its customers can make informed decisions regarding risk.
