After Hong Kong’s virtual lenders debuted in 2020, ZA Bank has become the first among them to record a monthly profit.
ZA Bank has become Hong Kong’s first virtual lender to report a monthly profit in July, according to a statement, without disclosing the amount. ZA Bank is the largest digital lender in Hong Kong by number of customers at 800,000.
«Achieving monthly profitability in just four years is a testament to the strength and sustainability of Hong Kong’s digital banking model,» commented ZA Bank CEO Ronald Iu. «While many of our global peers took six years or more to reach this milestone, ZA Bank’s rapid progress underscores the effectiveness of our strategy and the trust we've built with our users.»
The recorded profit marks a key milestone as all eight of Hong Kong’s licensed virtual banks had failed to achieve profitability as of end-2023 since their launches in 2020, according to a report by the Hong Kong Monetary Authority which added that there was no justification to introduce more players into the market.
