Hong Kong’s ZA Bank Launches Pilot for Cryptocurrency Trading Services
Date: 2024-10-29 Author: Henry Casey Categories: BUSINESS, IN WORLD
ZA Bank, one of the leading players in Hong Kong’s digital banking, has announced the launch of a pilot program for virtual asset trading services. The service aims to create a simplified and secure cryptocurrency trading experience for Hong Kong retail investors within a strictly regulated banking environment, thereby promoting fintech initiatives in the region.
Following the successful completion of the pilot, ZA Bank plans to introduce a full-fledged virtual asset trading service on its mobile app.
Hong Kong’s Growing Interest in Crypto Investments Driven by High Income
According to market research conducted by the bank, 75% of retail investors in Hong Kong are interested in cryptocurrency trading. Among them, 41% prefer to invest in spot or futures crypto ETFs listed on local exchanges, while 39% choose platforms for trading virtual assets licensed and regulated in Hong Kong.
The main reasons for such interest were the desire to diversify the investment portfolio, the possibility of obtaining higher returns in the short term, as well as the expectation of increased public acceptance of cryptocurrencies.
ZA Bank CEO notes support for the crypto industry at FinTech Week 2024
At the Hong Kong FinTech Week 2024, many speeches and initiatives were dedicated to cryptocurrencies, which once again confirmed Hong Kong's desire to become a leading hub for digital assets in Asia.
ZA Bank CEO Ronald Iu emphasized that government support and positive steps in the industry will provide a new impetus for the development of fintech in the region. Hong Kong authorities intend to increase the number of licensed cryptocurrency platforms, and by the end of 2024, it is planned to expand the number of digital asset exchanges. Moreover, tax incentives will be introduced by the end of the year to stimulate investment in cryptocurrencies.
The Hong Kong Stock Exchange operator also intends to launch a series of virtual asset indices, including indices for cryptocurrencies such as Bitcoin and Ethereum, which will simplify access to investment and trading in digital assets.
