Hong Kong’s virtual bank ZA Bank has taken a major step forward in the virtual asset space by opening an operating account for OKX Hong Kong, a prominent global virtual asset exchange and Web3 technology company.
This strategic move provides OKX Hong Kong with essential business banking services, facilitating its day-to-day financial operations and laying a solid foundation for its plans to secure a Virtual Asset Trading Platform (VATP) license under the revised Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO), as well as Type 1 & 7 licenses under the Securities and Futures Ordinance (SFO).
Devon Sin, ZA Bank’s Alternate Chief Executive, expressed enthusiasm about the partnership, stating, “We’re excited to be a trusted banking partner of OKX as it continues to grow its presence in Hong Kong. This partnership is a significant step towards achieving our ‘Banking for Web3’ vision, and we are committed to working closely with OKX to foster a thriving Web3 ecosystem in Hong Kong under the new licensing regime for VATPs.”
Earlier this year, ZA Bank revealed its ambition to become the preferred banking partner for SFC-licensed VATPs and Web3 companies in Hong Kong, aiming to support the HKSAR Government’s initiative to transform the city into a global hub for Web3 technologies.
Lennix Lai, OKX Global Chief Commercial Officer, emphasized the importance of strong banking partnerships in Hong Kong’s growing Web3 and virtual asset sector. “By collaborating with ZA Bank, we are striving to expand the virtual asset space in Hong Kong, drive widespread adoption, and engage in joint investor education initiatives,” he said.
In March, OKX announced the establishment of its Hong Kong branch, signaling its intention to apply for the necessary licenses to operate virtual asset trading platforms in the region.
This partnership with ZA Bank marks a significant milestone in OKX Hong Kong’s journey towards becoming a licensed virtual asset trading platform, contributing to the city’s evolution as a leading international hub for Web3 and virtual assets.