Hong Kong’s digital banking sector has reached a significant milestone as ZA Bank, one of the city’s largest digital banks, introduces direct cryptocurrency trading for retail customers. According to a press release issued earlier today, the bank has integrated crypto trading directly into its banking app, initially supporting Bitcoin and Ethereum trading in both HKD and USD.
The launch comes amid surging cryptocurrency adoption globally, with user numbers reaching 560 million by mid-2024, representing a 30% year-over-year increase, according to the Crypto Wealth Report 2024. The total crypto market capitalization has also seen substantial growth, currently over $3.5 trillion.
To ensure regulatory compliance and security, ZA Bank has partnered with HashKey, Hong Kong’s largest licensed virtual asset exchange. Calvin Ng, ZA Bank’s Alternate Chief Executive, stated that this collaboration aims to provide bank-grade security for crypto trading, positioning it as a key advantage in the Asian market:
“The rise of cryptocurrency presents investors with more diverse asset allocation opportunities. As a bank, we prioritise security and compliance, which is why we’ve partnered with HashKey, a global-leading licensed virtual asset exchange, to meet regulatory standards and deliver bank-grade security in virtual assets trading – our key competitive advantage in the Asian market.“
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HashKey Exchange CEO Livio Weng highlighted the partnership’s significance, noting their shared commitment to regulatory compliance and the development of Web3 financial services:
“We are privileged to partner with ZA Bank in advancing innovation in digital banking services across Asia. As Hong Kong’s largest licensed virtual asset exchange, HashKey Exchange is dedicated to providing users with fully compliant and secure digital asset trading solutions. ZA Bank, as the first bank in Asia to offer such service, has demonstrated its strong leadership and a pioneering spirit in fintech integration. Our collaboration goes beyond technical synergies; it also reflects our shared commitment to upholding the highest regulatory standards. Looking ahead, HashKey Exchange will continue to work closely with ZA Bank to drive the development of the Web3 ecosystem, while delivering more diversified financial services to our users. Together, we aim to usher in a new era of wealth management.“
ZA Bank has introduced competitive terms to attract users, including a minimum trading threshold of USD 70 or HKD 600, and a promotional zero-commission period for the first three months after service activation, running until December 31, 2025.
The bank’s position is fairly unique in Asia, as it now offers a comprehensive suite of investment options, including funds, US stocks, and virtual assets, all accessible through a single platform. This integration eliminates the need for users to switch between multiple apps or platforms for their investment activities.
Featured Image via Unsplash