Hong Kong’s ZA Bank is the first bank in Asia to offer crypto trading services directly to retail users.
According to reports, ZA Bank is the SAR’s first and largest digital bank – now allowing users to trade major cryptocurrencies in HKD and USD through its app.
Currently the focus is on Bitcoin and Ethereum, which have undergone strong growth recently, particularly after the results of the US presidential election.
Users can now buy BTC and ETH directly using fiat, however it’s unclear whether the platform will expand the offerings to other cryptocurrencies.
Speaking of the move, the company noted that it ‘cements its leadership in digital wealth management by merging traditional banking with the future of finance’.
ZA Bank has seen a surge of interest recently, with users topping 500 million by mid-2024, a 30 percent yearly increase.
In a bid to assuage concerns with regulators, the group’s Alternate Chief Executive, Calvin Ng, indicated that “as a bank, we prioritize 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”.
