Hong Kong's ZA Bank to offer cryptocurrency-to-fiat exchange services through licensed exchanges

According to Bloomberg, Ronald Iu, CEO of Hong Kong-based ZA Bank, said that Hong Kong-based ZA Bank will provide cryptocurrency-to-fiat currency exchange services through licensed exchanges. ZhongAn Bank will act as a settlement bank for customers, allowing them to withdraw in fiat currencies in Hong Kong, China and the United States after depositing cryptocurrencies at the exchange, Ronald Iu said. Ronald Iu also said that the business model is already working with HashKey and OS L, which are currently the only two licensed cryptocurrency exchanges in Hong Kong, and ZhongAn Bank will also provide the same services to other licensed exchanges.