Hong Kong’s ZA Bank plans to offer services to Web3 crypto startups that are underserved by the banking sector.
ZA Bank to Offer Services to Crypto Startups
In response to the US crackdown on crypto assets and crypto asset markets, Hong Kong is pushing for crypto integration. The latest development in this regard is that Hong Kong’s largest virtual bank, ZA Bank, has announced that it will allow crypto to fiat conversions.
This positive news for the crypto world was announced at the Hong Kong Web3 Festival, which attracts crypto startups from all over Asia and is supported by the local government. In addition, ZA Bank announced that it would facilitate the process and agreements for Web3 companies to be regulated in Hong Kong.
Creating a Web3-Friendly Environment
The crypto world has been under pressure in the United States and several other countries, especially after the FTX case. As a result of this pressure, various crypto-tourisms have started to emerge. With this move by ZA Bank, Hong Kong may be one of the locations that can benefit positively from this tourism. Speaking about the developments, ZA Bank CEO Ronald Lu said:
“As Hong Kong is stepping up efforts to cultivate a Web3-friendly environment, ZA Bank’s online account opening for Web3 startups represents a major step forward in the integration of traditional banking services with the Web3 world. It signals a greater acceptance and recognition of the importance of this emerging sector and hopefully will encourage other financial institutions to follow suit in offering tailored banking services for Web3 companies. We look forward to exploring collaborations with key global Web3 businesses such as HashKey, OKX, and more.”
Settlement Bank
ZA Bank, Hong Kong’s largest virtual bank, was launched in 2020. The bank is actively working to provide crypto account services, which are growing rapidly in Hong Kong. Speaking about the development, ZA Bank CEO Ronald Lu said the company would offer token-to-fiat currency conversions on licensed exchanges.
It also stated that the virtual bank will act as a “clearing bank for customers to allow them to withdraw funds in Hong Kong, Chinese, and US currencies after depositing cryptocurrencies on exchanges.”
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