Hong Kong’s Largest Digital Bank Launches Retail Crypto Trading
25.11.2024 17:34 1 min. read Kosta Gushterov
Zhong An Bank (ZA Bank), Hong Kong’s largest digital bank, has launched a retail cryptocurrency trading service, becoming the first bank in Asia to do so.
Instead of building an exchange from scratch, ZA Bank has partnered with the established HashKey Exchange to offer Bitcoin and Ethereum trading in both HKD and USD. To attract users, the service offers 0% commission for the first three months with a minimum investment of USD 70 or HKD 600.
The service is integrated into ZA Bank’s app, making it easy for users to trade crypto alongside their regular banking activities. A survey by the Hong Kong Association of Banks revealed that 70% of respondents prefer using banking apps for crypto trading.
ZA Bank’s alternative CEO, Calvin Ng, highlighted the bank’s focus on security and compliance, noting that its partnership with HashKey Exchange ensures bank-grade security for crypto transactions. The bank has 800,000 users and is owned by ZA Global, an affiliate of Zhong An, a major Chinese insurance company.
While ZA Bank leads in Asia, Singapore’s DBS Bank was the first to offer retail crypto trading in the region, although it focuses on institutional investors. Latin America has the largest number of retail crypto services, and Europe is catching up with new regulations like MiCA.
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