ZA Bank Receives SFC Approval to Prepare for Launch of U.S. Stock Trading Service in HK

Hong Kong's biggest virtual bank ZA Bank announced on Thursday 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.

Unveiled in its latest announcement, the Bank plans to plans to offer U.S stock trading services in due course upon completion of the pilot trial.

According to the bank, users will be able to easily access a wider range of investment opportunities, including stocks, ETFs and ADRs in the U.S., in its banking App. In addition, instant investment account opening will be allowed for eligible users.

"ZA Bank aspires to build a future bank for now, one that empowers users to achieve their financial goals with ease and convenience," said Ronald Iu, CEO of ZA Bank. "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, the pioneering virtual bank in Hong Kong, made its debut in the market as the first of its kind. Securing a license from the Hong Kong Monetary Authority (HKMA) in March 2019, the Bank joined the initial wave of virtual banks in the region.

In early 2022, ZA Bank achieved yet another milestone by obtaining the Type 1 license​, solidifying its position as the first local digital-only bank in Hong Kong. Building upon its success, in August of the same year, ZA Bank went on to launch an investment fund service​, establishing itself as the first virtual bank in the city to offer a one-stop integrated personal financial platform.