🇭🇰ZA Bank: Hong Kong's Largest Virtual Bank by Deposits and First with SFC Type 1

Concept

ZA Bank is a Hong Kong virtual bank licensed by the HKMA, issued on March 27, 2019 (Banking Ordinance, restricted banking license). Launched in March 2020. Parent company — ZhongAn Technologies International Group (Hong Kong subsidiary of Chinese online insurer ZhongAn Online P&C Insurance). As of June 2025 — leader by deposit volume among HK's 8 virtual banks; first among them to surpass 1 million customers. Total deposits of all HK virtual banks at end-2024 — HK$34 billion (~$4.4 billion); ZA holds the largest share. Deposits in HKD are insured by the Hong Kong Deposit Protection Scheme up to HK$800,000 per depositor.

Two facts distinguish ZA among HK virtual banks. First — first of HK's virtual banks to obtain an SFC Type 1 licence (dealing in securities), enabling it to offer retail clients securities investments from the mobile app. Second — a full-featured ZA Crypto with regulated buying/selling of BTC, ETH, USDT (from February 1 to June 30, 2026 — 0% platform commission for the first 90 days after activation). Account opening — 1–3 business days for a standard profile, entire process in the mobile app.

🍓 ZA makes sense to open for a startup or small business on a Hong Kong company without going beyond the HK/EU corridor and HK retail clients who need a banking channel for securities investments or regulated crypto operations without a second app. For complex cross-border settlements or large SWIFT operations — HSBC HK or Statrys; for transfers to mainland China — Airstar or livi.

Use Cases

First corporate account for a Hong Kong company. Startup or small business with a straightforward beneficiary who needs a quick account for initial operations. ZA accepts applications online, without a branch visit, in 1–3 business days with a clean profile.

Short-term deposits in HKD. At end-2024, ZA held the largest share of the HK$34 billion in total deposits across HK's 8 virtual banks — promotional deposits at 2–3% serve as the main instrument for attracting funds. Promo rates are regularly revised — current rates are visible in the app before opening an account.

Crypto operations within the banking framework. ZA Crypto operates under a virtual asset license (HKMA + SFC). BTC/ETH/USDT exchanges are reflected in statements as banking transactions. For the period February 1 – June 30, 2026 — promo 0% platform commission for the first 90 days after service activation, with no turnover cap.

Securities investments from the retail app. ZA Bank is the first HK virtual bank with an SFC Type 1 licence (dealing in securities): retail clients buy stocks and ETFs through the main app without a separate brokerage account.

Retail products for employees of a Hong Kong company: salary payments via FPS, debit cards, mobile interface without branches.

Related

• Opening a Bank Account in Hong Kong
• Mox Bank: virtual bank Standard Chartered
• livi bank: BOC HK + JD + Jardine
• Airstar Bank: Xiaomi-backed
• WeLab Bank: first native HK virtual bank
• Ant Bank: Ant Group / Alipay
• Fusion Bank: Tencent-backed
• PAO Bank: formerly Ping An OneConnect

Key factual claims

• ZA Bank is a Hong Kong virtual bank licensed by the HKMA, issued on March 27, 2019 (Banking Ordinance, restricted banking license).