Hong Kong’s Largest Digital Bank to Service Crypto Exchanges

In Hong Kong, a major digital bank is opening up to crypto by allowing traders and investors to withdraw fiat currencies from exchanges

article-image

ezphoto/Shutterstock, modified by Blockworks

share

The largest digital bank in Hong Kong has announced plans to extend its services to crypto.

ZA Bank said it will offer users of locally-licensed crypto exchanges the means to enter and exit the crypto market using Hong Kong dollars, Chinese yuan or US dollars, Bloomberg reported.

ZA became the first digital bank to open in Hong Kong back in March 2020, just after the global Covid-19 pandemic had begun to set in. It’s owned by ZA Group, spun up by Chinese billionaire Ou Yaping. 

The bank’s decision to service crypto investors and traders comes as some suggest digital assets may have contributed to woes at Silicon Valley Bank and Signature. Major crypto exchanges have also struggled to find banking partners after those institutions failed.

In a bid to address those concerns, Hong Kong regulators will hold a forum with domestic and international crypto firms later this month, as the city attempts to re-cement its identity as a crypto hub.

Hong Kong is also attempting to regain an economic edge following the pandemic and tailwind effects that have dragged its financial industries. 

Ronald Iu, ZA chief executive officer, said companies focused on digital assets, large and small, were eager for a clear path to “make things work,” per the report.

ZA Bank will also offer online accounts for domestic small-to-medium Web3 startups. It follows a successful regulatory sandbox trial that onboarded 100 firms.

Earlier this month, the head of Hong Kong’s financial sector stated that despite the volatility and skepticism surrounding the digital asset market, the time was ripe for the economy to embrace Web3.

Talks between the local crypto scene and the Hong Kong Monetary Authority, as well as the Securities and Futures Commission, will reportedly “facilitate direct dialog” and “share practical experiences and perspectives in opening and maintaining bank accounts” on April 26.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates (19).png

Research

Suilend has grown into the top money market and liquid staking provider on Sui. STEAMM, Suilend’s Superfluid AMM, presents a compelling avenue for growing market share within Sui’s DEX landscape and revenue generation for the protocol. Suilend’s multi-product suite position it well for owning market share across key verticals. While current metrics across the Sui ecosystem are likely inflated due to Sui Foundation incentive programs, SEND trades at amongst the lowest multiples in the lend/borrow sector, suggesting that a bull case for continued growth in the ecosystem may be mispriced.

article-image

Decentralized money was a “very unpopular goal” when concepts were proposed in the ’90s, said Nick Szabo

article-image

Cove aims to deliver “risk-adjusted yield” through curated DeFi vaults

article-image

The best capital markets are open to the most people — and crypto capital markets are open to everyone

article-image

Post-conference musings on Firedancer, Kraken, Solana Mobile and Trump

article-image

Executives expect others to follow SharpLink Gaming’s lead in purchasing an asset that has surged this past month

article-image

After a weekend of tariff policy shifts, investors appear confident that trade deals are underway