ZA Bank Reports Mid-Year Performance with Significant Growth

According to Odaily, ZA Bank has announced its mid-year performance results, revealing a 43% increase in total assets, reaching HKD 20 billion as of June 30, 2024. This milestone makes ZA Bank the first digital bank in Hong Kong to achieve monthly profitability. Public data indicates that ZA Bank has seen a 60% growth in new account openings, now serving over 800,000 users, which constitutes 13% of Hong Kong's bankable population. Additionally, more than half of these users have set ZA Bank as their default receiving bank for the Faster Payment System (FPS). Among the younger Generation Z demographic, ZA Bank has achieved a 25% penetration rate. Following the Hong Kong Monetary Authority's announcement of the stablecoin issuer sandbox participants, ZA Bank declared itself as the first local digital bank to offer exclusive reserve banking services for stablecoin issuers. This positions ZA Bank among the first banks in Hong Kong to provide such services.