Hong Kong’s largest bank will start serving crypto companies

The business model already works with the city’s licensed crypto exchanges HashKey and OSL

12.04.2023 - 09:30

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Hong Kong’s biggest virtual bank is pushing into transfers of crypto and fiat currencies and to provide account services for the city’s burgeoning digital asset sector.

Founded by Chinese billionaire Ou Yaping among others, ZA Bank will offer token-to-fiat currency conversions over licensed exchanges, Ronald Iu, the lender’s chief executive officer, said in an interview Tuesday. ZA will act as a settlement bank for clients to allow withdrawals in Hong Kong, China and US currencies after they deposit crypto tokens with exchanges, Iu said.

The business model is already in operation with HashKey and OSL, the only two currently licensed crypto exchanges in Hong Kong, Iu said. ZA Bank will also provide the same service for other exchanges as they become licensed.

“For the dozen of interested firms, big or small, from abroad and local, top of their concern is to have a path to make things work,” said Iu.

This material is taken from the website https://www.bloomberg.com.

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