TechFlow news: Hong Kong's first digital bank, ZA Bank, has announced it will offer dedicated "reserve banking services" to stablecoin issuers, becoming one of the first banks to provide such services. ZA Bank is actively supporting the Hong Kong Monetary Authority’s (HKMA) Stablecoin Issuer Sandbox initiative, helping position Hong Kong as a global leader in fintech and the Web3 ecosystem.
ZA Bank's partner, Oren Coin Innovation Technology Limited ("Oren Coin"), is also included in the latest list of sandbox participants released by the HKMA, becoming the first stablecoin issuer to receive the "reserve banking service." This collaboration aims to enhance the stability of digital assets and strengthen public trust.
Dr. Brian Yiu, CEO of ZA Bank, said: "We are honored to be Hong Kong's first digital bank to provide banking services to stablecoin issuers. Our partnership with Oren Coin symbolizes our shared commitment to innovation and strengthening the stability of digital assets."
"We are currently in discussions with nearly 10 stablecoin companies and will continue to support the policies of the HKMA. By providing secure and reliable banking infrastructure, we aim to further boost confidence in the stablecoin market. ZA Bank will continue to support the development of Web3 and reinforce Hong Kong's status as an international virtual asset hub."
