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<div class="intro-text"> 
 Hong Kong’s digital bank, ZA Bank, has started a sandbox trial for its new virtual asset trading service for select retail customers. 
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In an <a style="color: #0000ff;" href="https://bank.za.group/en/content/0e803624-fe3e-4485-a61e-fe6d84d2c74f">October 29 press release</a>, the bank highlighted the growing demand for virtual assets in Hong Kong, referencing a recent market study that found 75% of local retail investors were interested in crypto trading. Among these, 41% preferred spot or futures crypto ETFs listed in Hong Kong, while 39% favoured offerings from licensed and regulated virtual asset platforms within the region. 
ZA Bank revealed plans to officially launch its banking app after the pilot program to give retail users easier access to the global cryptocurrency market. However, specific details regarding the launch timeline and the conclusion of the pilot program were not disclosed. 
The bank’s CEO, Ronald Iu, stated, 
<blockquote>
 “The wave of favourable policies and positive developments from both the Hong Kong government and the industry during FinTech Week will bring fresh momentum to the local fintech ecosystem.”&nbsp;
</blockquote> 
This development follows ZA Bank’s recent regulatory milestone in September when it<a style="color: #0000ff;" href="https://m.hkej.com/landing/mobarticle2/id/3890747/ZA+Bank%E7%8D%B2%E6%89%B9%E5%87%86%E5%8F%AF%E9%80%B2%E8%A1%8C%E8%99%9B%E6%93%AC%E8%B3%87%E7%94%A2%E4%BA%A4%E6%98%93"> received approval</a> from the China Securities Regulatory Commission to add virtual asset transaction provisions to its Type 1 license, making it Hong Kong’s first digital-only bank to secure this licence. 
ZA Bank’s recent move to pilot a virtual asset trading service aligns <a style="color: #0000ff;" href="https://defi-planet.com/2024/08/hkma-launches-project-ensemble-sandbox-to-boost-tokenization-adoption-and-explore-rwa/">with the Hong Kong Monetary Authority’s (HKMA) advancements</a> in tokenization, particularly&nbsp; through its latest sandbox trial, “Project Ensemble.” The central bank announced the Project in August, stating that it aims to test tokenized assets for interbank settlements and real-time transactions. According to its statement, several banks had already integrated tokenized platforms to test real-time settlement mechanisms.&nbsp; 
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HKMA’s Chief Executive, Eddie Yue, emphasized that this sandbox represents a key milestone in applying tokenization to real-world applications, underscoring the strong interest in the industry since its launch. 
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The post <a href="https://defi-planet.com/2024/10/hong-kongs-za-bank-tests-retail-virtual-asset-trading-service-plans-full-app-rollout/">Hong Kong’s ZA Bank Tests Retail Virtual Asset Trading Service, Plans Full App Rollout</a> appeared first on <a href="https://defi-planet.com">DeFi Planet</a>.

Hong Kong’s ZA Bank Tests Retail Virtual Asset Trading Service, Plans Full App Rollout

DeFi Planet

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