ZA Bank commences pilot for virtual asset trading service

Three in four Hong Kong investors are interested in investing in cryptocurrency.

ZA Bank has commenced the sandbox trial for its virtual asset trading service.

With this, Hong Kong retail investors will have access to a virtual asset trading experience in a strictly regulated banking environment, the Hong Kong based digital bank said in a press announcement on 29 October 2024.

Upon the successful completion of the pilot trial, ZA Bank will proactively start the preparatory work for the official launch of its virtual asset service at the ZA Bank app.

The roll-out comes at a time when 3 in 4 or 75% of Hong Kong retail investors expressed interest in trading cryptocurrencies, according to the HKIFA Investor Survey 2024.

The global cryptocurrency market has a capitalisation of $2t to date, according to CoinMarketCap, as of 30 September 2024.

The new virtual asset trading service demonstrates ZA Bank’s commitment to supporting the development of virtual assets in Hong Kong, said ZA Bank CEO Ronald Iu.

“As a pioneer in local financial innovation, ZA Bank looks forward to sharing more positive updates soon, catering to the demand for virtual assets among Hong Kong users and helping to strengthen the city’s status as a leading international financial centre,” Iu said in a statement.