Amid US-based companies struggling to establish partnerships with local banking partners in the midst of turmoil, ZA Bank, regarded as Hong Kong’s largest virtual bank by assets, is set to provide crypto account services and facilitate crypto-to-fiat conversions.

A Bloomberg report unveils that ZA Bank will act as a settlement bank which enables token deposits at nationally-licensed crypto exchanges to be withdrawn in Hong Kong dollars, Chinese yuan and United States dollars, while also offering account services to cryptocurrency firms.

This endeavor comes in a time where crypto-friendly banks in the United States, including Silicon Valley Bank (SVB), Silvergate Bank and Signature Bank, witnessed quite the downfall. ZA Bank CEO Ronald lu appears to be offering related firms with a potential solution:

“For the dozens of interested firms, big or small, from abroad and local, top of their concern is to have a path to make things work.” Yet, the helping hand only extends so much, as such services will not be available for mainland China due to the Asian nation’s strict restrictions on crypto.

Sources:

https://cointelegraph.com/news/hong-kong-virtual-bank-to-offer-crypto-conversions-and-accounts-report

https://techcrunch.com/2023/04/12/hong-kongs-za-bank-wants-to-be-the-go-to-bank-for-crypto-startups/

https://www.bloomberg.com/news/articles/2023-04-12/hk-s-za-bank-offers-crypto-conversions-accounts-in-city-s-push