ZA Bank is also looking to offer services to Web3 crypto startups, a sector that is largely underserved by the banking space.
Hong Kong is making a big push for crypto adoption, right at a time when US regulators have started cracking down on crypto companies. In the latest development, Hong Kong’s largest virtual bank aka ZA Bank announced that it will allow crypto to fiat conversions.
In addition, ZA Bank also noted that they will facilitate settlement for Web3 companies regulated in Hong Kong. The company was announced at Hong Kong’s Web3 Festival, which is supported by the local government and is attracting crypto startups from across Asia.
Hong Kong’s largest virtual bank, ZA Bank, launched back in 2020. It is actively working on offering account services in the fast-growing crypto sector of Hong Kong. Speaking on the development, Ronald IU, CEO of ZA Bank, said that the company will offer token-to-fiat currency conversion on licensed exchanges.
He further added that the virtual bank will act as a settlement bank “to allow withdrawals in Hong Kong, China and US currencies after customers have deposited crypto tokens with the exchanges”. HashKey and OSL are two of the bank’s major customers for the bank’s crypto-to-fiat conversion services. ZA Bank said that as more companies apply for Hong Kong regulatory licenses, it will serve more and more crypto exchanges.
Providing Services to Web3 Startups
Interestingly, ZA Bank also wants to offer services web3 Crypto startups, an area that is widely underserved by the banking space. It will be interesting to see if other banks join the race with ZA Bank to serve Web3 crypto startups. Ronald IU, speaking on development Said,
“As Hong Kong steps up efforts to create a Web3-friendly environment, ZA Bank’s online account opening for Web3 startups represents a major step in the integration of traditional banking services with the Web3 world. This signals greater acceptance and recognition of the importance of this emerging sector and will hopefully encourage other financial institutions to offer tailored banking services for Web3 companies. We look forward to exploring collaborations with leading global Web3 businesses such as HashKey, OKEx and others.”
That said, the move comes at a time when Hong Kong is positioning itself as a crypto-friendly alternative to other jurisdictions such as the US and Europe.
Bhushan is passionate about Fintech and has a good grasp of understanding the financial markets. His interest in economics and finance drew his attention to the newly emerging blockchain technology and cryptocurrency markets. He is in the process of continuous learning and keeps motivating himself by sharing his acquired knowledge. In his spare time he reads thriller fiction novels and occasionally explores his culinary skills.
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