ZA Bank First Virtual Bank Granted License to Be a Fully Digital Insurer

ZA Bank First Virtual Bank Granted License to Be a Fully Digital Insurer

by January 25, 2021
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ZA Bank has been granted an Insurance Agency License from the Hong Kong Insurance Authority (IA), allowing it to act as an agent of ZA Insure, a fully digital insurer under the ZA brand.

The move sees ZA Bank become Hong Kong’s first virtual bank to offer insurance products as a digital-only insurer, 10 months after the bank’s official launch.

ZA Bank will on-board a suite of ZA Insure products in due course. Users will then be able to access services from quotation, application, underwriting to payment, that can be completed in the ZA Bank’s app.


They can also view their policy details anytime in the app upon policy issuance, without having to re-enter their personal particulars repeatedly.

Wayne Xu, President of ZA International and CEO of ZA Insure, said:

Wayne Xu, President of ZA International and CEO of ZA Insure

Wayne Xu

“We are delighted about this tie-up between ZA Bank and ZA Insure, the first in-depth collaboration between a virtual bank and a virtual insurer in Hong Kong. Ever since ZA Insure has received a digital-only insurer licence from the IA, customers in the market have been expressing their anticipation for our synergy with ZA Bank.

 

We believe the two ZA businesses can leverage each other’s technology capabilities and cost advantages, and work together to create greater values for users’ digital banking journey down the road.”

Rockson Hsu, CEO of ZA Bank, said:

Rockson Hsu, CEO of ZA Bank

Rockson Hsu

“With our community driven approach, we are dedicated to identifying trends from user feedback, and then applying the insights into actual functions in our App. Today we have become the only virtual bank in Hong Kong that can offer savings, loans, card services and insurance products at the same time.”

ZA Insure (the trade name of ZA Life Limited) is a joint venture between ZhongAn Technologies International Group Limited and Fubon Life Insurance (Hong Kong) Company Limited. On 4 May 2020, ZA Insure obtained a digital-only insurer licence from the IA under its Fast Track pilot scheme.

 

Featured image credit: ZA Bank

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