ZA Bank, one of Hong Kong’s eight virtual banks, announced that it has now gained 300,000 users in time for its upcoming first year anniversary.
ZA Bank was the first to have a soft launch of its virtual banking services in December 2019 and went on to being fully operational with the launch of their ZA Go savings product in March 2020.
The bank said in a statement that it has recorded more than 220,000 users and paid interest on over HKD 6 billion of personal savings, as of 31 December 2020. ZA Bank has also disbursed more than HKD 650 million of loans.
In January 2021, ZA Bank again became the first virtual bank to be granted an Insurance Agency License from the Hong Kong Insurance Authority (IA).
This allows it to act as an agent of ZA Insure, a fully digital insurer under the ZA brand, 10 months after its official launch.
ZA Bank said in a statement:
“In the era of ‘virtual banking’, trust is no longer defined only by staff headcounts, number of branches, and years of operation. App design, banking product iterations, service safety and stability, and even the mentality of banking team…
Trust has been given a whole new definition by ZA Bank. The trust earned from 300k users within a year is a recognition of our products nd services. But it is only a small step in the Hong Kong market. We’ll continue to be the game changer in future.”
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