Hong Kong launched first virtual bank in the world

Last year Hong Kong officially approved eight licenses to create new virtual banks. ZA Bank gained one of these licenses, so the world's first virtual bank already began its operations on March 24, 2020.

Currently, ZA Bank is intended only for digital services and it opens accounts only for Hong Kong residents.

However, virtual banks are becoming the most serious competitors for leading banks in Hong Kong for such as HBSC or Bank of China. ZA Bank will offer lending and deposit accounts with an annual interest rate of 1%, a figure much higher than the traditional rate offered by banks like HSBC in the administrative region.

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