The new crypto conversions offered by ZA Bank will take place on HashKey and OSL, the only licensed crypto exchanges in the Chinese semi-autonomous region.

The latest move comes after ZA Bank, Hong Kong’s largest virtual bank, announced that it is seeking to diversify its digital asset sector.

“It’s too early to say what the revenue model is here”, Iu told Bloomberg. “More Clients, more deposits, more business opportunity is always great for the bank”.

Hong Kong’s payment market has significantly matured over recent years, despite many people still preferring cash over card payments. GlobalData’s “Hong Kong Cards and Payments: Opportunities and Risks to 2026” report, published in April, states that mobile wallets and card payments transactions witnessed compound annual growth rates of 22.5% and 7.5%, respectively, between 2018 and 2022.

The growth has been spurred by the wide availability of alternative payment solutions, including Alipay, WeChat Pay, PayPal or Google Pay, as well as other payment methods, such as cryptocurrencies.

In November 2021, Mastercard and Amber Group, a crypto finance company, launched cryptocurrency-linked credit, debit and prepaid cards for people to convert their cryptocurrencies into fiat currencies.

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ZA Bank, aiming for Web3 services

In addition, ZA Bank announced on 12 April that it is seeking to become the go-to bank for the Web3 ecosystem, a new version of the World Wide Web incorporating modern payment technologies such as blockchain transactions and token-based economics.

“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”, said Iu.

“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”, he continued.