ZA Bank Opens Operating Account for OKX Hong Kong In Collaborative Effort to Support Hong Kong's Web3 Development

Hong Kong, 1 November 2023 – ZA Bank, Hong Kong’s No.1 virtual bank[1], and OKX Hong Kong, the Hong Kong entity of leading global virtual asset exchange and Web3 technology company, today announced that ZA Bank has opened an operating account for OKX Hong Kong.

The ZA Bank operating account provides essential business banking services to support OKX Hong Kong's daily banking needs. This lends further support to OKX Hong Kong's plan to apply to the Securities and Futures Commission for the Virtual Asset Trading Provider (VATP) license under the amended Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO), and also the Type 1 & 7 licences under the Securities and Futures Ordinance (SFO).

ZA Bank Alternate Chief Executive Devon Sin said: “We're excited to be a trusted banking partner of OKX as it continues to grow its presence in Hong Kong. This is a further step towards realizing our ‘Banking for Web3’ vision, and we look forward to working closely with OKX in support of the healthy development of a vibrant Web3 ecosystem in Hong Kong under the new licensing regime for VATPs.”

Earlier this year, ZA Bank has unveiled its ambition to become the go-to banking partner for SFC-licensed VATPs and Web3 companies in Hong Kong, with the aim of supporting the HKSAR Government’s agenda of developing the city into a leading global hub for Web3 technologies.

OKX Global Chief Commercial Officer Lennix Lai said: “As Hong Kong continues to develop into a leading international Web3 and virtual asset hub, close collaboration and banking relationships are critical. By working with ZA Bank, we aim to build the virtual asset space in Hong Kong and drive mass adoption, including joint investor education activities."

In March, OKX announced the establishment of OKX Hong Kong, and its intention to apply for the relevant licenses for virtual asset trading platforms.

(From left) ZA Bank Alternate Chief Executive Devon Sin and OKX Global Chief Commercial Officer Lennix Lai

[1] “No. 1 Virtual Bank” refers to ZA Bank’s leading position derived from the total number of users, deposits and assets as of 30 June 2023 among the eight licensed virtual banks that provides digital banking services (Source: Interim reports of eight virtual banks).