- ZA Bank launched direct crypto trading services to its retail users on November 25.
- The bank collaborates with HashKey Exchange to bridge the gap between traditional finance and crypto.
- Users must have an account with the bank and undergo a risk assessment through the bank’s app.
Hong Kong’s largest virtual bank, ZA Bank, now offers direct crypto trading services to its retail users, through a collaboration with HashKey Exchange. According to a press release, ZA Bank is the first bank in Asia to offer a retail crypto trading service.
To use the new cryptocurrency feature, users must have an account with the bank. The service allows users to buy and sell Bitcoin and Ethereum using fiat currencies, but they must first complete a risk assessment through the bank’s app that provides the crypto service. The bank stated in the press release, “Through the ZA Bank app, users can now seamlessly trade top cryptocurrencies in HKD and USD — all within a single platform, with no need to switch between apps or platforms.”
Partnership with HashKey Exchange
ZA Bank’s alternate chief executive, Calvin Ng, explained that the new service was created in collaboration with Hong Kong-based crypto exchange HashKey. The partnership aims to connect traditional finance and cryptocurrencies while meeting regulatory requirements. Ng noted the rising popularity of crypto, which is leading investors to seek more diverse asset allocation options.
Expressing support for the joint venture, HashKey Exchange’s CEO, Livio Weng, reiterated his commitment to the project. He said that the exchange will continue to work with the bank to advance the Web3 ecosystem’s development and expansion. The CEO also expressed interest in offering “diversified financial services” to the crypto community.
This move aligns with Hong Kong’s goal of becoming a crypto hub, despite mainland China’s ban on crypto. Hong Kong began retail crypto trading in August 2023. Three exchanges—OSL, HashKey, and Hong Kong Virtual Asset Exchange (HKVAX)—are currently licensed in the city to offer retail crypto trading services. However, the Securities Futures Commission (SFC) has suggested that more licensed crypto exchanges and digital asset firms could emerge in the region by year-end.
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https://coinniu.com/za-bank-launches-direct-crypto-trading-with-hashkey-in-hong-kong/
