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In a groundbreaking move, ZA Bank, the virtual banking trailblazer, is set to empower its customers with substantial savings. CEO Yao Wensong announced a fund subscription fee discount, leveraging technology-driven improvements in service. This initiative, running from August 2022 until the end of November, has already enabled users to pocket over 100 million yuan in savings on investment fund subscriptions.
Revolutionizing Savings and Expanding Reach
A recent report showed that Yao Wensong, at the helm of ZA Bank, highlights the institution’s commitment to enhancing user experience and cost-effectiveness. Beyond investment services, ZA Bank partnered with global tech giant Wise, resulting in substantial savings for users in overseas remittance fees until the 13th of this month, the HKEJ report showed.
The virtual bank’s impressive growth is evident in its expanding customer base. As of November, 1 in 10 adults in Hong Kong possessed a ZA Card, and the bank amassed customer deposits exceeding 10 billion yuan by the end of June, marking a 17% increase from the previous year.
This metric highlights the growing popularity of the bank in Hong Kong. In addition, the platform seems to be increasing its focus in the Web3 realm, as evidenced by its recent developments.
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Web3 Integration and Future Aspirations
Beyond personal banking, ZA Bank has set its sights on the burgeoning Web3 space. With the “Banking For Web3” vision announced in April, the bank has already extended commercial banking services to over 80 Web3 companies, including prominent entities like OKX Hong Kong and locally licensed bank partners such as HashKey and OSL.
Looking ahead, Yao Wensong envisions enabling retail investors to seamlessly conduct virtual asset transactions with legal currency through the ZA Bank App. This ambitious move positions ZA Bank not just as a financial institution but as a catalyst for financial empowerment and technological integration in the evolving landscape of modern banking.
ZA Bank’s strategic alliances, user-centric approach, and innovative offerings signify a paradigm shift in the traditional banking sector, setting a new standard for customer-focused, tech-driven financial solutions in Hong Kong.
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