KEY FACT: Hong Kong's largest virtual bank, ZA Bank, has launched a service enabling retail customers to buy and sell Bitcoin (BTC) and Ether (ETH) directly with fiat currency, in partnership with the licensed crypto exchange HashKey. This service, available to Hong Kong residents with a ZA Bank account, requires users to complete a risk assessment and complies with the region's regulatory framework. The move follows Hong Kong’s recent regulatory advancements, which allowed licensed exchanges to offer crypto trading to retail investors in August 2023. With over 800,000 users, ZA Bank aims to bridge traditional banking with digital assets.

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Source: ZA Bank

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Hong Kong’s Largest Digital Bank Launches Retail Crypto Trading

Hong Kong's largest virtual bank, ZA Bank, has launched a new service that enables retail customers to purchase and sell Bitcoin (BTC) and Ether (ETH) directly using fiat currency. The bank communicated the development through a blog post on 25 November 2024 and celebrates its breakthrough as Asia's first bank to offer cryptocurrency trading services directly to retail users.

ZA Bank, Hong Kong's first and largest digital bank1, has achieved another breakthrough as Asia's first bank2 to offer cryptocurrency trading services directly to retail users. Through the ZA Bank app, users can now seamlessly trade top cryptocurrencies in HKD and USD (this platform currently supports trading services exclusively for Bitcoin and Ethereum) — all within a single platform, with no need to switch between apps or platforms, simplifying the entire investment process.
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To access this service, Hong Kong residents must hold an account with ZA Bank and complete a mandatory risk assessment. Currently, the platform supports transactions exclusively in Bitcoin $BTC and Ether $ETH, with no mention of additional cryptocurrencies.

Calvin Ng, the alternate chief executive of ZA Bank, emphasized the institution's commitment to regulatory compliance and innovation. He stated that the service was launched in collaboration with the cryptocurrency exchange HashKey to meet regulatory requirements and to work toward merging traditional banking with crypto. Ng remarked:

“The rise of cryptocurrency presents investors with more diverse asset allocation opportunities. As a bank, we prioritise 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.”

On his part, Livio Weng, CEO of HashKey Exchange, expressed enthusiasm about the partnership and noted that the exchange will continue to work closely with ZA Bank to drive the development of the Web3 ecosystem and provide diversified financial services to users.

“We are privileged to partner with ZA Bank in advancing innovation in digital banking services across Asia. As Hong Kong’s largest licensed virtual asset exchange, HashKey Exchange is dedicated to providing users with fully compliant and secure digital asset trading solutions.

Praising ZA Bank's stride as the first bank in Asia to offer crypto trading service to retail users, Weng added that ZA Bank demonstrated strong leadership and a pioneering spirit in fintech integration. He affirmed HashKey's commitment to deliver unmatched services to the millions of ZA bank users.

Looking ahead, HashKey Exchange will continue to work closely with ZA Bank to drive the development of the Web3 ecosystem, while delivering more diversified financial services to our users. Together, we aim to usher in a new era of wealth management.”

This initiative follows ZA Bank's sandbox trial for its virtual asset trading service, which commenced in October. The bank, licensed by the Hong Kong Monetary Authority in 2019, has rapidly grown to become the city's first and largest digital bank, boasting over 800,000 users.

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Source: ZA Bank

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The introduction of retail crypto trading in Hong Kong began in August 2023, with the Securities Futures Commission (SFC) granting licenses to select exchanges. Only three exchanges have received such licenses: OSL and HashKey in 2020 and 2022, respectively, and the Hong Kong Virtual Asset Exchange (HKVAX) in October 2024. The SFC has indicated that more licenses for crypto exchanges and digital asset firms operating in the region will likely be approved by the end of the year.

ZA Bank's foray into cryptocurrency services is an addition to the growing number of traditional financial institutions seeking to bridge the gap between traditional banking and digital assets. This initiative is expected to offer investors more diversified asset allocation opportunities, in alignment with the growing demand for digital financial solutions.

ZA Bank aims to merge traditional banking with the future of finance in the Asian region and price itself as a leader in digital wealth management.

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