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Hong Kong's 1st virtual bank launches trial services

ZhongAn Technologies International Group Ltd. unit ZA Bank Ltd. said Dec. 18 that it launched a trial program of its services in Hong Kong under the Hong Kong Monetary Authority's Fintech Supervisory Sandbox, becoming the first virtual bank in the city to do so.

The pilot program seeks to initially target around 2,000 retail banking users before its full business launch. The bank will invite each selected user to open an account with ZA Bank to experience the banking services and benefits. It will determine the timing of the full launch based on the feedback from the pilot users, as well as its operational and technical readiness.

ZA Bank obtained a digital banking license from the HKMA in March.

ZhongAn Technologies International was set up by ZhongAn Online P & C Insurance Co. Ltd. in December 217 to explore opportunities in financial and insurance technology in overseas market.