ZA Bank Becomes Asia’s First Bank to Offer Retail Crypto Trading: Report

ZA Bank, the largest digital bank in Hong Kong, launched retail cryptocurrency trading services for its users. This makes ZA Bank reportedly the first bank in Asia to allow retail customers to buy and sell digital currencies like Bitcoin and Ethereum directly through its banking app. 

“Through the ZA Bank app, users can now seamlessly trade top cryptocurrencies in HKD and USD—no need to switch between apps or platforms,” ZA Bank stated in a press release.

Partnership with HashKey Exchange

ZA Bank's new crypto trading service is made possible through a partnership with HashKey, a licensed crypto exchange in Hong Kong. The collaboration utilizes HashKey Pro, a platform designed for institutional clients, to provide a secure and seamless experience for retail investors. 

HashKey Pro offers a wide range of services, including API trading and enterprise-level account management, which ensures the platform’s capabilities meet the needs of both individual users and financial entities.

Retail Crypto Trading Now Available 24/7

Starting today, ZA Bank’s retail customers can trade Bitcoin and Ethereum 24/7. The service is available through the ZA Bank app, allowing users to access crypto trading with minimal hassle. 

The minimum transaction amount is US$70 or HK$600 per trade, making it accessible to a wide range of retail investors in Hong Kong. ZA Bank has also introduced a special promotion, waiving commission fees until the end of June 2025. After that, a platform fee of 1.5% will be implemented, along with a fixed commission fee of US$1.99 or HK$15 per transaction.

According to ZA Bank’s alternate chief executive, Calvin Ng Chung-ho, the platform’s user-friendly design is part of a broader effort to meet growing demand for crypto services. A recent survey by the Hong Kong Investment Funds Association found that 75% of retail investors in the region are interested in trading digital currencies, signaling a strong demand for such services.

A Step Toward Hong Kong’s Web3 Vision

The launch of retail crypto trading by ZA Bank is in line with Hong Kong's ambition to become a global hub for virtual asset trading. Since announcing this goal in 2022, Hong Kong has made significant strides in regulating the cryptocurrency sector. The Securities and Futures Commission (SFC) has granted licenses to three virtual asset trading platforms—HashKey, OSL Exchange, and HKVAX—and ZA Bank is the only one holding a license for offering crypto trading through a bank.

The SFC is expected to announce a list of licensed platforms before the end of the year, which could further shape the landscape for crypto trading in the city.

Despite this, over 24 crypto companies initially applied for licenses to operate in the city, but by August 2024, 12 of those applications were withdrawn, including some from major exchanges like Bybit, Huobi HK, and OKX.