Largest Hong Kong Virtual Bank Offers Crypto to Retail Users

ZA Bank has become the first Asian bank to offer cryptocurrencies to retail investors after announcing the major milestone on Monday.

In a press release, ZA Bank disclosed that Hong Kong residents can now buy and sell cryptocurrencies on its platform. The financial giant stated it was the first bank to offer such services in Asia, priding itself on being the innovative frontrunner in the region.

Hong Kong Retailers Can Now Acquire Bitcoin

Per the Monday release, residents of Hong Kong can buy Bitcoin through ZA Bank’s mobile application. The bank noted that the plot ensures that investors need not shuffle platforms or applications to access cryptocurrencies and other financial markets.

Notably, ZA Bank mentioned that users can only buy Bitcoin and Ethereum on the platform. At press time, it remains unclear if the bank will expand this offering to cover other crypto assets. Also, the country’s residents can trade the supported assets on the USD and Hong Kong Dollars (HKD) trading pairs.

The digital bank also set the minimum threshold for trading cryptocurrencies on the platform at 70 USD/600 HKD. Meanwhile, any of its over 800,000 users who activate the services enjoy 0% commission fees for the first three months.

ZA Banks Introduces Innovation Amid Growing Demand

The Asian digital bank, licensed by the HK Monetary Authority in 2019, noted in the press release that the cryptocurrency launch follows growing demand for the assets among residents.

It cited a recent report from the Hong Kong Association of Banks showing that 70% of respondents believe that banks providing access to virtual assets would ease the complications of acquiring the in-demand investment vehicles.

Notably, ZA Bank announced the launch in partnership with the crypto exchange HashKey. The exchange’s CEO, Livio Weng, noted that the collaboration aims to drive innovation among digital banking services in Asia.

Meanwhile, HashKey is one of the only three licensed exchanges in Hong Kong, gaining regulatory approval in 2022. As a result, ZA Bank’s alternate chief executive, Calvin Ng, stated that the digital bank partnered with the exchange to “meet regulatory standards” and “deliver bank-grade security” in virtual asset trading.