ZA Bank opens transaction account for OKX Hong Kong
ZA Bank opens transaction account for OKX Hong Kong
ZA Bank, Hong Kong's leading virtual bank, has opened a transaction account for OKX Hong Kong, the Hong Kong branch of cryptocurrency exchange OKX.
ZA Bank's operating account provides core business banking services to support the daily operations of OKX Hong Kong. In addition, the transaction account is key to OKX Hong Kong's application to the Securities and Futures Commission for a Virtual Asset Trading Provider (VATP) license under the amended Anti-Money Laundering and Countering the Financing of Terrorism Ordinance (AMLO), as well as Type 1 and Type 7 licenses under the Securities and Futures Ordinance (SFO).
"We're excited to be a trusted banking partner of OKX as it continues to grow its presence in Hong Kong. This is a further step towards realizing our ‘Banking for Web3’ vision, and we look forward to working closely with OKX in support of the healthy development of a vibrant Web3 ecosystem in Hong Kong under the new licensing regime for VATPs," said Devon Sin, Alternate Chief Executive of ZA Bank.
ZA Bank previously announced its commitment to become a banking partner for SFC-licensed companies and Web3 in Hong Kong to support the HKSAR government's urban development program.
"As Hong Kong continues to develop into a leading international Web3 and virtual asset hub, close collaboration and banking relationships are critical. By working with ZA Bank, we aim to build the virtual asset space in Hong Kong and drive mass adoption, including joint investor education activities," said Lennix Lai, Chief Commercial Officer of OKX Global.
In March, OKX announced the establishment of OKX Hong Kong and its intention to apply for the relevant Virtual Asset Trading Provider licenses.
The developing relationship between ZA Bank and OKX is a strong foundation for the establishment of Web3 technology and cryptocurrency trading and demonstrates Hong Kong's ambition to become a key center for the development of the digital industry.
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