ZA Bank has unveiled plans to introduce virtual asset trading services for retail investors. The bank said its initiative supports the Hong Kong government’s vision to develop a vibrant sector and ecosystem for virtual assets.

ZA Bank is partnering with Hong Kong-licensed virtual asset exchanges. The bank is aiming to obtain the required regulatory approvals to enable retail investors to trade virtual assets by using fiat currency within the ZA Bank App.

Ronald lu, CEO of ZA Bank, said: “We welcome the licensing guidelines issued yesterday by the Hong Kong SFC. We are excited to offer the new investment opportunities brought by virtual assets to our users. We believe that virtual assets hold the potential to become a significant asset class in the future. By offering virtual asset trading services, we will give our users the opportunity to stay ahead of the curve with ZA Bank under a regulated environment.”

ZA Bank’s strategic expansion plan

This move comes as part of ZA Bank’s strategic expansion plan to provide a comprehensive suite of financial services. In addition to virtual asset trading, ZA Bank also plans to introduce US stock trading services in due course. These new offerings will further strengthen ZA Bank’s position as an innovative wealth management platform, catering to the evolving needs of its users.

“Users can look forward to a more diverse banking product suite as we continue to evolve in our mission to become a future bank for now,” added Iu.

Upon obtaining the necessary regulatory approvals for virtual asset trading services, ZA Bank will work closely with relevant stakeholders to implement appropriate safeguards to ensure the safety and integrity of its services.

These measures will encompass collaborating with trusted third-party providers, implementing advanced security protocols, and adhering to strict anti-money laundering (AML) and know-your-customer (KYC) regulations. In addition, ZA Bank plans to educate its users on the risks and benefits associated with virtual asset trading, to ensure that customers can make informed decisions.