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Home » Will Hong Kong Zhong An Bank launch cryptocurrency trading? Will the banking sector fully target CEX?
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Will Hong Kong Zhong An Bank launch cryptocurrency trading? Will the banking sector fully target CEX?

By adminNov. 25, 2024No Comments3 Mins Read
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Will Hong Kong Zhong An Bank launch cryptocurrency trading? Will the banking sector fully target CEX?
Will Hong Kong Zhong An Bank launch cryptocurrency trading? Will the banking sector fully target CEX?
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ZA Bank, the digital bank in Hong Kong, has announced the launch of its cryptocurrency trading services on its app starting from today, making it the first bank in Asia to allow retail users to directly trade Bitcoin and Ethereum. This move injects new vitality into the virtual banking market in Hong Kong.

The transaction threshold set by ZA Bank is $70 or HKD 600, and users only need to open an investment account and complete a risk assessment to start trading. The fee structure is competitive:

– Commission: $1.99 or HKD 15 per transaction.
– Platform fee: 1.5% of the transaction amount, with a minimum charge consistent with the commission.

To attract more investors, the bank has announced that it will waive commissions and reduce the platform fee to 0.8% of the transaction amount from now until the end of June 2025.

According to Wu Zhonghao, the acting CEO of ZA Bank, the bank currently has over 800,000 users, accounting for 13% of the bankable population in Hong Kong. Among them, the age group of 18 to 30 contributes to a high penetration rate, with one out of every four young people using ZA Bank’s services.

Wu Zhonghao believes that as of the end of June 2024, ZA Bank’s total assets reached HKD 20 billion, with a deposit balance of approximately HKD 16.8 billion (a 70% YoY increase) and a total loan balance of approximately HKD 5.619 billion, resulting in a loan-to-deposit ratio of 33.4%. The bank’s revenue in the first half of the year reached HKD 255 million, showing a stable growth momentum.

Wu Zhonghao emphasized that the development of digital financial services must go through a natural process from innovators to mainstream consumers. He is confident in the prospects of the cryptocurrency business, believing that this service will not only enhance user stickiness but also further drive ZA Bank’s revenue and market position.

Established in 2017, ZA Bank is one of the first eight banks to obtain a virtual bank license in Hong Kong. Since 2019, virtual banks have gradually entered the market and have accumulated a solid customer base and business model. Norman Chan, the Chief Executive of the Hong Kong Monetary Authority, recently stated:


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