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ZA Bank Considers Opening Physical Branches in Hong Kong Amid New Regulatory Changes

14 January 2025
in Crypto, News
Reading Time: 3 mins read
104 6
Home News Crypto

ZA Bank, Hong Kong’s largest digital bank, is considering the establishment of physical branches after the Hong Kong Monetary Authority (HKMA) introduced new regulations allowing digital banks to have limited physical locations, as reported by the South China Morning Post.

This development comes as several other digital banks, including WeLab Bank and Mox Bank, also consider expanding their operations beyond the digital realm. The HKMA’s new framework allows digital banks to operate a small number of physical branches, a shift aimed at enhancing customer engagement. ZA Bank has welcomed the change, with a spokesperson emphasizing that in-person interactions could improve the customer experience and help address complex issues more effectively.

The decision to consider physical expansion follows calls from Hong Kong lawmaker Johnny Ng Kit-chong for increased support for the city’s crypto industry, particularly for Web3 startups that have faced challenges in accessing financial services. Many of these businesses have struggled to open bank accounts due to stringent regulations and the cautious approach of traditional banks towards crypto-related activities. 

A recent report from the HKMA highlighted the difficulties faced by over 120 Web3 firms established in Hong Kong in 2022. Around 95% of these companies encountered obstacles when attempting to open accounts with virtual banks, with some required to have shareholders or directors visit Hong Kong multiple times or maintain significant fixed deposits. In addition, 54% of the firms experienced delays of over six months, with some even being rejected outright.

Notably, ZA Bank has recently launched cryptocurrency trading for retail customers, allowing them to trade Bitcoin (BTC) and Ethereum (ETH) using Hong Kong dollars (HKD) and U.S. dollars (USD). This new service was introduced in collaboration with HashKey Exchange, a licensed crypto platform in Hong Kong. Calvin Ng, the bank’s alternate chief executive, emphasized the importance of security and compliance in meeting regulatory standards in this partnership.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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