ZA Bank rolls out reserve banking services to stablecoin issuers

It has on boarded RD InnoTech and is onboarding 10 other issuers.

ZA Bank is now offering reserve banking services for stablecoin issuers.

This makes it the first digital bank in Hong Kong to launch reserve banking services, ZA Bank said in a press release.

The roll-out follows the Hong Kong Monetary Authority’s (HKMA) recent initiative to open sandboxes for stablecoin issuers.

RD InnoTech Limited, one of the first batch of HKMA sandbox participants, will be the first to use ZA Bank’s reserve banking services. 

ZA Bank CEO Ronald Iu revealed that they are in the process of onboarding nearly 10 stablecoin clients, with more in the pipeline.

“By providing a secure and reliable banking infrastructure with greater security for users, we aim to build greater trust and confidence in the stablecoin market,” Iu said, adding that ZA Bank is committed to supporting the Web3 development

“[We] will continue to introduce more services and products in line with government policies, reinforcing Hong Kong’s position as a global virtual asset hub,” he added.