Hong Kong virtual bank ZA Bank announced today that the Securities and Exchange Commission of Hong Kong (SFC) has lifted the previous conditions on the Bank’s license registration for the Type 1 regulated activity (securities trading) under which the Bank will only carry out trading operations in collective investment schemes.
The Bank plans to roll out its US equity trading services in due course following the completion of the pilot test.
ZA Bank users will soon be able to access a wider range of investment opportunities from stocks and ETFs to ADRs in the US markets with just a few clicks in the ZA Bank app. With its strong technological DNA, ZA Bank is determined to minimize user charges more efficiently, alongside opening an instant investment account for eligible users.
Ronald Iu, CEO of ZA Bank, said:
“ZA Bank aspires to create a future bank for now, a bank that enables users to achieve their financial goals with ease and comfort. We are excited to add US equity trading services to our product suite in due course. With exposure to the world’s largest stock market by market capitalization, users can tap into growth potential in some of the most valuable and strongest companies around the world. This marks another key milestone for ZA Bank in our commitment to create a unified digital financial platform for users.”
ZA Bank is intensifying its efforts to strengthen its services in the investment area. The Bank officially launched mutual fund services in August 2022 and has since partnered with leading international fund managers, including AllianceBernstein, Allianz Global Investors and JP Morgan Asset Management, to successfully integrate more than 100 mutual fund products with 8x growth of total assets under management since the beginning of this year.