As a seasoned researcher with a keen interest in fintech and cryptocurrencies, I find the collaboration between ZA Bank and HashKey intriguing. Having closely followed the development of Hong Kong’s digital banking sector since the launch of ZA Bank in 2019, it’s fascinating to witness this merging of traditional banking with crypto.
As a researcher, I’m excited to share that I recently learned about ZA Bank, Hong Kong’s leading virtual bank, introducing a groundbreaking service. This innovative feature enables individual users like myself to effortlessly purchase and offload Bitcoin and Ethereum using traditional currency (fiat).
As an analyst, I’d rephrase that statement like this: To utilize the bank’s newly launched crypto service integrated with their app, it is essential for Hong Kong residents to have an account with the bank and undergo a risk assessment prior to usage.
Currently, customers are able to purchase Ether (ETH) and Bitcoin (BTC) via ZA Bank. As of now, no other digital currencies have been specified as available.
Calvin Ng, acting CEO of ZA Bank, announced that they’ve introduced a new service collaboratively with HashKey, a cryptocurrency trading platform. This move aims to comply with regulatory standards while also striving for the long-term objective of seamlessly blending conventional banking practices with digital currencies.
Ng stated that the growth of cryptocurrencies expands investment options, allowing for a wider variety of asset distribution among investors,” (paraphrased)
Livio Weng, CEO of HashKey Exchange, stated that they plan to collaborate closely with ZA Bank in order to advance the Web3 ecosystem and offer a variety of financial services to their users.
ZA Bank launched a sandbox trial for its virtual asset trading service back in October.
Cryptocurrency retail trading in Hong Kong started as recent as August 2023. At present, just three platforms have been granted licenses by the city’s financial regulatory body, the Securities Futures Commission (SFC), to operate.
In 2020 and 2022, crypto exchanges OSL and HashKey were granted their licenses respectively. Hong Kong Virtual Asset Exchange (HKVAX) followed suit as the third licensed exchange in October.
It’s anticipated that additional licenses for cryptocurrency exchanges and digital asset firms may be granted by the end of the year, as indicated by the Securities and Futures Commission (SFC). Notably, ZA Bank, licensed by the Hong Kong Monetary Authority in 2019, has become Hong Kong’s first and largest digital bank with over 800,000 users. HashKey was founded in 2018.
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2024-11-25 09:25