In a recent announcement, ZA Bank, one of Hong Kong's leading virtual banks, revealed its plans to establish an operating account on OKX, a prominent cryptocurrency exchange and Web3 platform. This strategic move aims to enhance OKX Hong Kong's pursuit of regulatory approval and licenses, such as the Virtual Asset Trading Platform (VATP) license and the Type 1 & 7 licenses under the Securities and Futures Ordinance (SFO).
Devon Sin, the alternate Chief Executive of ZA Bank, expressed excitement about becoming OKX's trusted banking partner as they expand their crypto and web3 venture in Hong Kong. This collaboration aligns with ZA Bank's 'Banking for Web3' vision and their goal of supporting SFC-licensed VATPs and Web3 enterprises in Hong Kong. By doing so, ZA Bank aims to contribute to the city's transformation into a global center for Web3 technologies.
Lennix Lai, the global Chief Commercial Officer at OKX, emphasized the importance of collaboration and banking relationships in Hong Kong's growing web3 and virtual assets industry. With the support of ZA Bank, OKX aims to elevate the virtual asset space in Hong Kong and drive widespread adoption of cryptocurrencies. OKX has been actively advancing its crypto and web3 ventures, including partnerships with Manchester City and various web3 and crypto projects.
The partnership between ZA Bank and OKX signifies a significant step towards the development of a thriving crypto and web3 ecosystem in Hong Kong. By providing crucial business banking services to OKX Hong Kong, ZA Bank supports OKX's regulatory compliance efforts and fosters the growth of the virtual asset industry. This collaboration aligns with ZA Bank's vision for Web3 and contributes to Hong Kong's mission of becoming a global hub for Web3 technologies. As the crypto and web3 realms continue to evolve, partnerships like this will play a vital role in driving innovation and mass adoption of cryptocurrencies.
