ZA Bank, Hong Kong’s leading virtual bank, has officially opened an operating account for OKX Hong Kong, marking a significant milestone in the region's evolving Web3 and virtual asset ecosystem. This strategic collaboration reinforces ZA Bank’s commitment to becoming the preferred financial partner for licensed virtual asset trading platforms (VATPs) and Web3 innovators in Hong Kong.
The new operating account provides essential business banking services tailored to OKX Hong Kong’s operational needs. It supports the platform’s ongoing efforts to apply for key regulatory licenses, including the Virtual Asset Trading Platform (VATP) licence under the amended Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO), as well as Type 1 (dealing in securities) and Type 7 (advising on securities) licences under the Securities and Futures Ordinance (SFO).
This development aligns with Hong Kong’s broader vision to establish itself as a global hub for fintech and Web3 innovation. With a clear regulatory framework now in place, institutions like ZA Bank and forward-thinking platforms like OKX are playing pivotal roles in shaping a compliant, transparent, and thriving digital economy.
Strengthening Hong Kong’s Web3 Infrastructure
ZA Bank’s decision to onboard OKX Hong Kong reflects its “Banking for Web3” strategy—a dedicated initiative to support SFC-licensed VATPs and blockchain-based enterprises. As the first fully operational virtual bank in Hong Kong, ZA Bank has consistently prioritized innovation, digital-first services, and community-driven product development.
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Devon Sin, Alternate Chief Executive of ZA Bank, emphasized the significance of this partnership:
"We're excited to be a trusted banking partner of OKX as it continues to grow its presence in Hong Kong. This is a further step towards realising our 'Banking for Web3' vision, and we look forward to working closely with OKX in support of the healthy development of a vibrant Web3 ecosystem in Hong Kong under the new licensing regime for VATPs."
With over 700,000 users and leadership in customer deposits and assets among Hong Kong’s virtual banks as of mid-2023, ZA Bank is well-positioned to serve the unique needs of digital asset businesses—from secure fund management to regulatory compliance support.
Advancing Virtual Asset Adoption Through Collaboration
OKX, one of the world’s largest crypto exchanges by trading volume and a major player in the Web3 space, launched OKX Hong Kong earlier this year with plans to offer localized services under full regulatory compliance. Serving more than 50 million users globally, OKX combines high-performance trading infrastructure with cutting-edge wallet solutions, NFT marketplaces, and DeFi integrations.
Lennix Lai, Global Chief Commercial Officer at OKX, highlighted the importance of institutional partnerships:
"As Hong Kong continues to develop into a leading international Web3 and virtual asset hub, close collaboration and banking relationships are critical. By working with ZA Bank, we aim to build the virtual asset space in Hong Kong and drive mass adoption, including joint investor education activities."
This alliance goes beyond transactional banking—it signals growing confidence in Hong Kong’s regulated digital asset environment and paves the way for broader financial inclusion within the Web3 economy.
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Core Keywords Driving Visibility
To align with search intent and enhance discoverability, this article naturally integrates key terms relevant to investors, regulators, and tech innovators:
- Web3 development
- Virtual asset trading platform (VATP)
- Hong Kong fintech
- Cryptocurrency banking
- Regulated crypto exchange
- Digital asset regulation
- OKX Hong Kong
- ZA Bank Web3 services
These keywords reflect rising interest in compliant digital finance ecosystems and institutional-grade infrastructure supporting blockchain innovation.
Frequently Asked Questions
Why is ZA Bank opening an account for OKX Hong Kong significant?
This move signifies growing institutional acceptance of virtual asset platforms in Hong Kong. As one of the first virtual banks to support a major crypto exchange, ZA Bank is helping bridge traditional finance with Web3, enabling licensed operations under SFC supervision.
What licences is OKX Hong Kong applying for?
OKX Hong Kong is pursuing the Virtual Asset Trading Platform (VATP) licence under AMLO, along with Type 1 (dealing in securities) and Type 7 (advising on securities) licences under the Securities and Futures Ordinance—critical for offering regulated trading services to retail and institutional clients.
How does this support Hong Kong’s Web3 ambitions?
By fostering partnerships between regulated financial institutions and compliant Web3 platforms, Hong Kong strengthens its position as a global fintech leader. Such collaborations encourage innovation while maintaining investor protection and anti-money laundering standards.
Is ZA Bank the first virtual bank to serve a crypto exchange?
While other banks have engaged cautiously with fintech firms, ZA Bank has taken a proactive stance by launching targeted “Banking for Web3” initiatives. Its early support for OKX positions it as a pioneer among virtual banks serving licensed VATPs.
What services does OKX offer beyond trading?
In addition to spot and derivatives trading, OKX provides the OKX Wallet, a self-custody solution for managing NFTs, participating in GameFi and DeFi protocols, and exploring metaverse applications. The platform also publishes monthly Proof of Reserves reports to ensure transparency.
How does this benefit everyday users in Hong Kong?
As licensed platforms like OKX gain banking access, they can offer safer, more reliable services to local users. This includes better fund security, clearer regulatory oversight, and enhanced educational resources—key drivers of mainstream crypto adoption.
Building Trust Through Transparency
Security and transparency remain central to OKX’s global operations. The company publishes its Proof of Reserves monthly using Merkle tree technology, allowing users to verify asset holdings independently. This level of accountability helps build trust not only among customers but also with financial partners like ZA Bank.
ZA Bank itself operates under strict HKMA supervision and leverages its fintech expertise to deliver secure, scalable banking solutions. Its parent company, ZhongAn Technologies International Group Limited, brings deep experience in insurtech and digital innovation from mainland China’s fast-evolving tech landscape.
Together, these institutions exemplify how regulated collaboration can accelerate responsible innovation in digital finance.
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Conclusion
The partnership between ZA Bank and OKX Hong Kong represents more than a banking relationship—it's a foundational step toward integrating Web3 into Hong Kong’s formal financial system. With strong regulatory frameworks now active, institutional support growing, and user demand rising, the city is well on its way to becoming Asia’s premier hub for blockchain innovation.
As more virtual banks follow ZA Bank’s lead and more platforms seek full compliance, the future of digital finance in Hong Kong looks increasingly secure, inclusive, and forward-looking.