【ZA Bank】ZA Bank: Hong Kong’s first digital bank to reach one million users 🎉
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ZA Bank has officially surpassed one million users as of the first half of 2025, becoming the first digital bank in Hong Kong to reach this milestone. The achievement marks a significant moment in the city’s digital finance development and reflects the growing trust and adoption of digital banking services. Since its launch in 2020, ZA Bank has sustained rapid growth and has consistently held a leading position among local digital banks since its start-up phase.
ZA Bank CEO Calvin Ng said, “Reaching the one-million-user milestone marks a new chapter in our journey and is a strong endorsement of our vision and strategy. As Hong Kong’s first and leading digital bank, we remain committed to delivering innovative, secure, and user-centric banking services. Looking ahead, we will continue to drive product-led growth with a focus on wealth management and diversified asset allocation. At the same time, we are actively exploring digital asset use cases, as we work towards becoming the digital wealth management partner of choice for our users.”
Solid growth in user base and core services
Alongside strong user growth, ZA Bank’s core businesses have continued to scale steadily. In the first half of 2025, total customer deposits reached HKD 21.1 billion, representing an 8.8% year-on-year increase. Card transactions climbed by 33% year-on-year, well above the market average¹, reflecting high levels of user activity and engagement. The Bank’s international financial services also saw significant expansion. Total transaction amount, including international remittance and foreign exchange services, grew by 132% compared with the previous year. This growth highlights deeper adoption across both corporate and retail segments, further strengthening ZA Bank’s leadership in digital finance across the region.
Wealth management enhanced: Building a one-stop digital platform
ZA Bank’s investment services currently cover funds, equities, and crypto trading. In the first half of 2025, total assets under wealth management grew by over 125% year-on-year. The Bank plans to further expand its crypto asset offerings and launch Hong Kong stock trading within the year, enhancing user engagement and platform stickiness. As its product suite continues to grow, ZA Bank is setting a new standard for digital wealth management, one that is highly cost-effective, accessible, and available 24 x 7.
Business banking evolves as Web3 and stablecoin initiatives show impact
ZA Bank is accelerating innovation in business banking while reinforcing its leading role in the Web3 ecosystem. It currently serves as a go-to banking partner to the majority of Hong Kong’s licensed Virtual Asset Trading Platforms (VATPs) and continues to expand its stablecoin reserve custody capabilities while actively exploring practical applications of digital assets, all in support of the healthy growth of Hong Kong’s virtual asset market. As of the first half of 2025, the number of Web3 business banking clients served by ZA Bank has doubled year-on-year, reflecting strong and sustained demand for innovative financial infrastructure. The Bank’s broader business banking performance has also recorded solid growth, with rising market penetration, strengthened client trust, and increasing customer loyalty.
AI-powered operations: Enhancing service, efficiency, and risk management
ZA Bank is progressively integrating AI into its operations, applying it to areas such as fraud detection, risk alerts, and workflow automation. Combined with its proprietary anti-fraud engine and dual-cloud architecture, these advancements are boosting the Bank’s risk management capabilities, streamlining operations, and enhancing service reliability, all contributing to a safer and more trusted banking experience.
Looking ahead: One million is just the beginning
ZA Bank sees its one-million-user milestone as just the beginning. With innovation and trust at its core, the Bank will continue evolving its platform and services. While digital banks in overseas markets typically require six to eight years to build a solid foundation², ZA Bank’s experience shows that, in Asia, scale and trust can be achieved far more rapidly through a user-centric approach and strong technological infrastructure. This milestone not only marks progress in Hong Kong but also signals the region’s accelerating maturity in digital finance. Looking ahead, ZA Bank will further enhance its platform and expand its offerings, delivering more transparent, intelligent, and sustainable financial solutions across Asia.
1. In Hong Kong, the total value of credit card transactions was HKD 274.1 billion for Q1 2025, representing an 8.4% increase from the same period in 2024. Source: Hong Kong Monetary Authority
2. Overseas experiences showed that the path to profitability for digital-only banks is typically a multi-year process. In the United Kingdom, the three leading challenger banks took an average of over six years to achieve profitability. In Germany, one of the largest digital banks projected that it would achieve profitability in the second half of 2024, i.e. taking it eight years to achieve profitability. Source: HKMA Report on the Review of Virtual Banks