Hong Kong virtual bank ZA Bank today announced that the Hong Kong Securities and Futures Commission (SFC) has lifted the previous conditions on the Bank’s licence registration of Type 1 (dealing in securities) regulated activity under which the Bank shall only carry on business of dealing in collective investment schemes.
The Bank plans to roll out U.S. stock trading services in due course upon completion of the pilot trial.
ZA Bank users will soon be able to access a broader range of investment opportunities from stocks and ETFs to ADRs in the U.S. markets with just a few clicks in the ZA Bank App. With its strong tech DNA, ZA Bank is determined to minimise users’ fees with greater efficiency, alongside instant investment account opening for eligible users.
Ronald Iu, CEO of ZA Bank, said:
“ZA Bank aspires to build a future bank for now, one that empowers users to achieve their financial goals with ease and convenience. 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.”
ZA Bank has been stepping up efforts to enhance its services in the investment space. The Bank officially launched investment fund services in August 2022, and has since collaborated with top international fund managers, including AllianceBernstein, Allianz Global Investors and J.P. Morgan Asset Management, to successfully onboard over 100 investment fund products with an 8-fold growth in total assets under management from the start of this year.