ZA Bank has recently unveiled its mid-year performance results, showcasing a remarkable 43% increase in total assets, which have surged to HKD 20 billion as of June 30, 2024. This significant achievement positions ZA Bank as the first digital bank in Hong Kong to attain monthly profitability, marking a pivotal moment in the region's banking landscape.
Public data highlights that ZA Bank has experienced a robust 60% growth in new account openings, now catering to over 800,000 users. This figure represents an impressive 13% of the bankable population in Hong Kong, signifying a substantial market penetration. Notably, more than half of these users have designated ZA Bank as their default receiving bank for the Faster Payment System (FPS), underscoring the bank's popularity and reliability.
Among the Generation Z demographic, ZA Bank has reached a notable 25% penetration rate, indicating its successful engagement with younger consumers. In a groundbreaking move, following the Hong Kong Monetary Authority's announcement of the stablecoin issuer sandbox participants, ZA Bank has proclaimed itself the first local digital bank to provide exclusive reserve banking services tailored for stablecoin issuers.
This strategic initiative positions ZA Bank at the forefront of innovative banking solutions in Hong Kong, representing a significant evolution in the financial services sector..