【ZA Bank】2023 in review
As we approach the end of 2023, ZA Bank would like to sincerely thank all our users for their unwavering support throughout the past year. We are immensely grateful for the love and trust you have shown us. We also want to take this opportunity to reaffirm our steadfast commitment to building Your Future Bank for Now. Our goal is to offer inclusive, seamless, and secure products and services that truly enhance your lives through our integrated financial platform – the ZA Bank App!
Our Digital-Native Model Saves Users More Than Millions in Fees and Charges
As a digital-only bank, we harness the power of technology and our cost-effective structure to optimise our services and deliver the best value to our customers. We are delighted to announce that we have successfully assisted our users in saving over HKD 100 million in investment fund subscription fees1 and millions of HKD in fees for our global transfer services powered by Wise2.
We Pioneer Banking Solutions for Hong Kong's Web3 Ecosystem
At ZA Bank, we're committed to supporting Hong Kong's goal of becoming a global hub for Web3. We believe that Web3, with its underlying technologies like #blockchain and #DLT, is where the future of finance lies. That's why we set out our #BankingForWeb3 vision in April and have already provided essential business banking services to over 80 Web3 companies, including OKX Hong Kong. We're also the banking partner for local licensed VATPs, including HashKey and OSL. And now, we’ve set forth our ambition to introduce VA trading services for retail investors using fiat currencies in the ZA Bank App, as Hong Kong welcomes a new licensing regime for virtual asset trading platforms.
We Put Security First
As a licensed bank, we recognise the paramount importance of safeguarding your money and personal information. Consequently, we have made it our utmost priority to ensure that the ZA Bank App not only offers a seamless and user-friendly experience but also guarantees top-notch security. Throughout this year, we have implemented various initiatives to bolster the protection of your valuable information and money.
We've successfully migrated our core system to a hybrid-cloud infrastructure, enabling us to provide even more robust, scalable, and resilient digital banking services 24/7. Moreover, we have introduced numerous enhancements to #ZAVerify, our market-first authentication feature, empowering users to exercise greater control over their #ZACard spending right at their fingertips in the ZA Bank App. Furthermore, we take pride in the recognition we have received from the Office of the Privacy Commissioner for Personal Data for our steadfast commitment to prioritising customer privacy and data security in our daily operations.
We Earn User Trust Through Outstanding Banking Experiences
Despite the challenging macro-environment this year, we've established ourselves as a major player in the banking industry. 1 in 10 HK adults bank with us, and the ZA Bank App has been ranked as the highest-rated banking app on Hong Kong's Google Play in 20233. As the first virtual bank in Hong Kong to cross the HKD 10 billion mark in customer deposits, we are proud to have been ranked first in Asia in Sia Partners 2023 International Mobile Banking Benchmark, while retaining the 6th position globally.
We can't thank you enough again for your trust and support this year! We'll continue to provide you with the best banking experience possible, and we're stoked to keep serving you in 2024. As some of you may know, we've received the necessary approvals and are now preparing for the launch of our U.S. stock trading service. So stay tuned for updates, and get ready for even more innovative and exciting services in the future!
1 Subscription fees saved refers to the cost difference between the subscription fee amount calculated using the generally applicable 5% standard fee and the total subscription amount of ZA Bank customers and the actual subscription fee ZA Bank charged our customers during the period from 5 August 2022 to 30 November 2023.
2 From 23 November 2022 to 13 December 2023, based on the same number and amount of transactions, ZA Bank saved over millions of HKD in total for users who have used the global transfer service, in comparison with handling fees for global transfers via digital channels offered by 12 major retail banks in Hong Kong during the same period.
3 As of 22 December 2023, ZA Bank App has been ranked as the highest-rated banking app on Hong Kong's Google Play in 2023 compared to 12 major retail banks and all virtual banks in Hong Kong.