ZA Bank Supports Crypto Exchange OKX in Hong Kong

Hong Kong-based ZA Bank is extending its support to digital assets by providing an operating account for crypto exchange OKX Hong Kong. This move marks a significant step towards fostering Web3 development in the region.

OKX: Business Banking Needs Fulfilled

The operating account made available by ZA Bank would meet the daily business banking requirements of OKX. This support will contribute towards OKX’s application to the Securities and Futures Commission (SFC) for the Virtual Asset Trading Platform (VATP) license. This is in accordance with the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). OKX is also seeking to obtain the Type 1 & 7 licenses under the Securities and Futures Ordinance (SFO).

ZA Bank’s Vision: Banking for Web3

ZA Bank’s Alternate Chief Executive, Devon Sin, expressed satisfaction in supporting OKX’s growth in Hong Kong. He underscored that this collaboration aligns with the bank’s vision for “Banking for Web3”. Earlier this year, ZA Bank declared its ambition to be the preferred banking partner for SFC-licensed VATPs and Web3 companies in Hong Kong.

Government Support for Web3 Development

The collaboration between ZA Bank and OKX forms part of a broader effort by the Hong Kong government to transform the city into a leading global hub for Web3 technologies.

OKX’s Mission in Hong Kong

OKX Global Chief Commercial Officer, Lennix Lai, emphasized the importance of close collaboration and banking relationships in developing Hong Kong into an international Web3 and virtual asset hub. By partnering with ZA Bank, OKX aims to expand the virtual asset space in Hong Kong and encourage mass adoption, including joint investor education activities. OKX established its presence in Hong Kong in March, with the intent of gaining approval as a virtual asset trading platform.