ZA Bank Gains Regulatory Nod to Offer U.S. Stock Trading in Hong Kongby Fintech News Hong Kong November 23, 2023
Hong Kong’s ZA Bank has received regulatory clearance from the Securities and Futures Commission (SFC) to expand its services. This approval amends the bank’s existing license, allowing it to move beyond dealing in collective investment schemes.
ZA Bank is set to introduce U.S. stock trading services following the successful completion of its pilot trial. This new offering will enable ZA Bank’s customers to invest in a variety of U.S. market instruments, including stocks, ETFs, and ADRs, via the bank’s app.
The bank said that it aims to provide these services with reduced fees as well as instant investment account openings for qualified users.
Over the past year, ZA Bank has focused on enhancing its investment offerings. In August 2022, it launched investment fund services and has partnered with leading international fund managers like AllianceBernstein, Allianz Global Investors, and J.P. Morgan Asset Management.
Since the beginning of the year, the bank reported that it has seen an 8-fold increase in its total assets under management, with over 100 investment fund products now available.
Ronald Iu, CEO of ZA Bank said,
“We are excited to add U.S. stock trading services to our product suite in due course. With exposure to the world’s largest stock market in terms of capitalisation, users can capture the growth potential in some of the most valuable and influential companies across the globe. This marks another key milestone for ZA Bank in our commitment to creating a one-stop digital finance platform for users.”