A representative of ZA Bank said that the company will become the first digital bank in Hong Kong, a special administrative and economic zone of the People’s Republic of China, which will be allowed to carry out transactions with cryptocurrencies. The decision, which allowed the bank to enter Hong Kong’s digital asset market, came after a year of discussions on terms and conditions of service with mainland Chinese government regulators and the Hong Kong Securities and Futures Commission (SFC).
“The bank plans to develop cryptocurrency investment fund services and act in accordance with the rules for regulating the digital asset market established by the financial regulators of China and Hong Kong,” ZA Bank said.
ZA Bank became one of the first banks in Hong Kong to operate entirely online. The bank belongs to the largest online insurance operator ZhongAn Technologies International Group, created in 2013 through the efforts of Internet giants Alibaba, Tencent and Ping An Insurance. In the advertisement, ZA Bank is positioned as a bank for the younger generation, offering services including in the field of cryptocurrencies and digital finance.
ZA Bank previously said that after receiving a license from the Hong Kong Monetary Authority (HKMA), it will be ready to serve companies issuing their own stablecoins and open crypto asset trust accounts.
Source: Bits
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