ZA Bank Becomes First Virtual Bank to Fully Launch in Hong Kongby Fintech News Hong Kong March 24, 2020
ZA Bank announced today that they are now a fully operational virtual bank with the launch of their ZA Go savings product, which according to them, enables customers to “grow their wealth in this ultra-low interest environment”. They further stated that with no mininum balance users can enjoy an annual savings deposit rate of 1% for an amount up to HKD 500,000.
This announcement follows their earlier soft launch in December 2019.
Rockson Hsu, CEO of ZA Bank said:
“As Hong Kong’s first virtual bank, ZA Bank is committed to its ‘Community-Driven’ approach to make banking accessible to everyone through technology. ‘ZA’ represents a reverse of the alphabetical order – going from Z to A – reminding us to always think out of the box and view things from a different perspective. It’s good to be bold, contrarian and creative. ‘Z’ and ‘A’ also means ‘end-to-end’, symbolizing our dedication to excellence from the front-end (mobile app), mid-office (customer service / operation department) to back-end (operating system), and from product development to service process.”
In their media statement, the bank also guaranteed that loan applicants will have their application processed within 30 minutes, and will provide a cash rebate of HKD 10 for every minute they are late in providing applicants with their result, this is subject to an upper limit of HKD 500
Featured image credit: ZA Bank Facebook Page