ZA Bank, Hong Kong's leading virtual bank, has partnered with OKX, a top global virtual asset exchange, to open an operating account for OKX Hong Kong. This collaboration strengthens Hong Kong's position as a growing Web3 hub by providing essential banking services to support OKX Hong Kong's daily operations and licensing applications.
Key Partnership Details
- Banking Services: ZA Bank's operating account enables OKX Hong Kong to manage its financial transactions efficiently.
Licensing Support: The account facilitates OKX Hong Kong's applications for:
- Virtual Asset Trading Platform (VATP) license under AMLO.
- Type 1 & 7 licenses under the Securities and Futures Ordinance (SFO).
👉 Learn more about OKX's global Web3 initiatives
Statements from Leadership
Devon Sin, ZA Bank Alternate Chief Executive
"We're proud to support OKX's expansion in Hong Kong. This partnership aligns with our 'Banking for Web3' vision and contributes to a thriving Web3 ecosystem under the new VATP licensing framework."
Lennix Lai, OKX Global Chief Commercial Officer
"Collaboration with ZA Bank is crucial as Hong Kong emerges as a virtual asset hub. Together, we'll advance investor education and mass adoption of Web3 technologies."
Hong Kong's Web3 Ambitions
This partnership supports the HKSAR Government's goal to establish Hong Kong as a global Web3 leader. Earlier in 2023, ZA Bank announced its focus on serving licensed VATPs and Web3 companies, while OKX Hong Kong revealed plans to apply for virtual asset trading licenses.
About ZA Bank
- Established: March 2019 (Hong Kong's first fully operational virtual bank)
- Services: Retail and SME banking with 700,000+ users (as of June 2023)
- Awards: Virtual Bank of the Year – Consumer (Hong Kong) in The Asset Triple A Digital Awards 2023
- Parent Company: ZhongAn Technologies International Group Limited
👉 Explore ZA Bank's innovative solutions
About OKX
- Ranking: Second-largest global crypto exchange by trading volume
- Users: Trusted by 50+ million worldwide
- Web3 Ecosystem: Includes OKX Wallet for NFT, DeFi, and GameFi trading
- Transparency: Monthly Proof of Reserves published
Key Partnerships:
- Manchester City FC
- McLaren Formula 1
- Tribeca Festival
FAQs
Q: What does this partnership mean for Hong Kong's Web3 development?
A: It demonstrates strong institutional support for virtual asset innovation, combining banking infrastructure with crypto expertise to accelerate growth.
Q: How will OKX Hong Kong use the operating account?
A: For daily business banking needs while pursuing necessary licenses to operate a compliant virtual asset platform.
Q: What makes ZA Bank ideal for Web3 companies?
A: Its regulatory compliance, digital-native infrastructure, and dedicated "Banking for Web3" strategy tailored for VATPs and blockchain businesses.
Q: What's next for OKX in Hong Kong?
A: Finalizing license applications and launching joint educational initiatives with ZA Bank to promote safe virtual asset adoption.
Disclaimer: This content is for informational purposes only and does not constitute financial advice. Digital assets involve risk; consult a professional before making investment decisions.