Hong Kong to present its first fully-digital bank

After a successful trial in December, the bank has officially started its activity

ZA Bank

Hong Kong to present its first fully-digital bank. Source: unsplash.com

ZA Bank, the virtual banking arm of China’s ZhongAn Online P&C Insurance, revealed it has gained one of Hong Kong’s eight virtual banking licenses.

According to the statement, the bank provides its customers with lending and deposit accounts with an annual interest rate of 1%. However, that’s well above the traditional rate offered by other banking competitors. ZA Bank stated that the rate will apply for savings of up to HKD 500,000 ($64,476).

In addition to that, the bank claimed that loan applicants will be able to have their applications processed within 30 minutes. Besides, the customers will get a cash refund of HKD 10 for every minute of waiting if the bank is late in providing the results.

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