In just six months, Hong Kong’s first virtual lender – ZA Bank – has acquired over 180,000 users by focusing on financial inclusion and attractive rates.
ZA Bank was the first licensed virtual lender to enter the market in March this year and kicked off with a trial that included a 3-month Hong Kong dollar deposit offering at 6 percent interest rate (capped at HK$200,000 or $25,800) to initially lure new customers.
Following the trial, the bank still offers an attractive rate for savings as little as HK$1 ($0.13) at 1 percent – 1,000 times the rate offered by traditional retail banks, according to a statement.
«Our flagship product – 'ZA Savings Go', which kickstarted a new chapter for traditional savings products, was created based on your feedback,» said ZA Bank's chief executive Rockson Hsu in an official blog post.
Breakneck Speed
Every month since ZA Bank’s launch half a year ago, its user base has grown double-digits and its deposit base crossed HK$2.4 billion ($310 million) in less than 100 days.
ZA Bank boasted of peak moments during the summer period (for one hour in early June, for example) where an average of one new member joined every 10 seconds.
ZA Card
And in response to popular demand, ZA Bank will also look to launch a card to further expand its offering.
«We apologize for the wait,» Hsu said. «We haven't forgotten our promise, and are making progress in bringing you a personalized, seamless and secure payment experience at the earliest possible time.»
In addition to attractive rates, ZA Bank was also able to connect with users as the only virtual banking participant in the city’s recent government cash payment scheme aimed to provide coronavirus-linked relief. According to Hsu, more than 80,000 Hong Kongers received their HK$10,000 ($1,290) via ZA Bank by digital payment.
