TechFlow reports that ZA Bank's CEO, Eric Yeo, said the bank aims to launch US stock products this year, with Hong Kong stock investment products also in the pipeline, while actively developing its Web3 business to achieve break-even as soon as possible. Deputy CEO Dennis Sin said around 60 to 70 Web3 companies have already opened operating accounts, with another 20 to 30 under review. These operating accounts cannot handle customer assets but can be used for payroll, rent, utility payments, and corporate capital funding, facilitating Web3 firms to establish teams in Hong Kong, hire staff for business and risk departments, and apply for SFC licenses.
The other type of account is a settlement account, which can handle customer assets but will initially remain closed. Once a company receives "in-principle approval" for its license, the bank will request additional anti-money laundering (AML) information and then open the settlement account for testing deposit and withdrawal processes. Upon receiving full licensing, the account will be officially activated, making ZABank the designated settlement bank for licensed exchanges, providing fiat on- and off-ramping settlement services. Currently, Hong Kong’s two licensed platforms, HashKey and OSL, are already among its clients.
