In a recent announcement, one of Hong Kong’s leading virtual banks, ZA Bank, unveiled its plans to set up an operating account on OKX, one of the world’s leading cryptocurrency exchanges and Web3 platforms.
The ZA Bank operating account offers crucial business banking services to meet the daily financial requirements of OKX Hong Kong. So, this move is likely to bolster OKX Hong Kong’s intentions to seek approval from the Securities and Futures Commission for licenses such as the Virtual Asset Trading Platform (VATP) license following the revised Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO), as well as the Type 1 & 7 licenses under the Securities and Futures Ordinance (SFO).
ZA Bank Setting Sights on Web3
According to the alternate Chief executive of ZA Bank, Devon Sin, the bank is thrilled to serve as OKX’s trusted banking partner as they expand their crypto and web3 venture in Hong Kong. This marks another stride in bringing the bank’s ‘Banking for Web3’ vision to life. Furthermore, ZA Bank anticipates a close collaboration with OKX in fostering the growth of a dynamic Web3 ecosystem in Hong Kong, aligned with the new VATP licensing framework.
At the beginning of this year, ZA Bank unveiled its desire to emerge as the primary banking partner for SFC-licensed VATPs and Web3 enterprises in Hong Kong. The goal is to align with the HKSAR Government’s mission of transforming the city into a prominent global center for Web3 technologies.
OKX Pioneering the Crypto, Web3 Realm.
According to the global Chief Commercial Officer at OKX, Lennix Lai, with Hong Kong emerging as one of the leading international web3 and virtual assets hubs, adjacent collaboration and banking relationships are crucial. Moreover, with backup from ZA Bank, OKX aims to jack up the virtual asset space in Hong Kong and drive mass adoption of cryptocurrencies.
OKX has been constantly advancing its crypto and web3 venture as of writing. Earlier this year, OKX announced plans to join forces with Manchester City, launching an ‘OKX Collective’ for the Metaverse. With significant collaborations revolving around various web3 and crypto projects, the firm eyes web3 excellence.
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