TechFlow reports that Jasper Wu, Deputy CEO of Hong Kong virtual bank ZA Bank, said the bank achieved monthly profitability in July this year, becoming the first virtual bank in Hong Kong to reach this milestone.
Since its launch in 2020, some of Hong Kong's eight virtual banks have gradually moved toward profitability. ZA Bank's profitability has been driven primarily by operating leverage from customer base growth and a revised business strategy implemented about a year and a half ago, which no longer relies solely on high-interest deposits to attract customers.
Nevertheless, given ongoing market uncertainties, Wu is unable to confirm whether the bank can maintain profitability in the second half of the year. However, he expressed confidence in the bank's long-term prospects for sustainable profitability.
