ZA Bank, the largest digital bank in Hong Kong, has revealed its intention to introduce support for cryptocurrencies.
According to reports, ZA Bank CEO Ronald Yu has stated that the bank will serve as a settlement bank for cryptocurrency exchanges, allowing users to make fiat deposits and withdrawals in Chinese yuan, Hong Kong dollars, and US dollars.
The bank will also offer account maintenance services to cryptocurrency firms, and has already tested its services with HashKey and OSL, the only two licensed crypto exchanges in Hong Kong.
ZA Bank plans to offer cryptocurrency services to firms from the regulatory sandbox after obtaining a license, although it will not provide services to mainland Chinese firms.
Despite being launched in 2020, ZA Bank has already amassed a significant amount of funds in its accounts.
However, it is yet to turn a profit and the profitability of its new cryptocurrency services remains uncertain.
With Hong Kong’s cryptocurrency market flourishing, experts predict that many US firms may be drawn to the region amid regulatory pressures in their home country.