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Hong Kong SFC revises ZA Bank's licence registration

Thursday 23 November 2023 15:11 CET | News

The Hong Kong Securities and Futures Commission (SFC) has revised ZA Bank’s licence registration and granted the bank permission to launch US stock trading.

Formerly, ZA Bank’s Type 1 licence was limited to dealing in collective investment schemes, however, the restriction has been lifted. The addition of US stock trading services intends to provide users with access to the stock market by capitalisation, offering the ability to invest in global companies.

The Hong Kong Securities and Futures Commission (SFC) has revised ZA Bank’s licence registration and granted the bank permission to launch US stock trading.

ZA Bank’s objectives and strategy 

The licence allows ZA Bank to launch US stock trading services after completing its pilot trial, with the move being a significant step in the bank’s commitment to developing a comprehensive digital finance platform. The expansion enables ZA Bank customers to invest in a wide range of US market instruments, including stocks, ETFs, and ADRs, from the ZA Bank app. The bank intends to provide these services with decreased fees and instant investment account opening for eligible customers. According to ZA Bank’s officials, the financial entity’s objective is to develop a bank that enables users to achieve their financial goals with convenience. Considering the exposure to the world’s largest stock market in terms of capitalisation, the bank aims to allow users to capture potential expansion in companies across the globe. ZA Bank plans to develop a one-stop digital finance platform for users.

Currently, ZA Bank has a customer base of 700,000 users and intends to further enhance its investment services. Since the launch of its investment fund in August 2022, the bank partnered with international fund managers, including AllianceBernstein, Allianz Global Investors, and J.P. Morgan Asset Management. With its investment fund service, users can build their fund portfolio based on personal financial goals. Fund transactions get settled automatically by the user’s savings account, allowing them to buy and sell funds in a convenient manner. The bank integrated in-app widgets, including Investment Fund 101 and Simple Screener, to provide customers with a comprehensive understanding of each product’s features. Until now, the bank introduced approximately 100 investment fund products and witnessed an increase in total assets under management since the beginning of 2023.

More information about ZA Bank

As a virtual bank operating in Hong Kong, ZA Bank provides banking, insurance, and investment services, with the bank being committed to providing a complete digital financial experience. Its digital app includes a suite of services, such as transfers, savings, deposits, payments, loans, business banking, investment funds, PowerDraw, and ZA Coin, among others. The bank also supports users in directly contributing to its product development and design processes to help it in creating services that better serve the requirements of Hong Kong customers. 

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Keywords: investment, online banking, mobile banking, digital banking, banking license
Categories: Banking & Fintech
Companies: Hong Kong Securities and Futures Commission, ZA Bank
Countries: Hong Kong
This article is part of category

Banking & Fintech

Hong Kong Securities and Futures Commission

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ZA Bank

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