March 25, 2021

Just the other day, my friend Alma invited me to install an app and register on ZA Bank. I got hooked by its caption, HK's first virtual bank as I thought it has something to do with cryptocurrencies. But when I registered on it, it's actually interesting to learn that there are many things to benefit from this virtual bank.

Let's explore this virtual bank and why my HK friends are into it?

What is ZA Bank?

ZA Bank was one of the eight companies that were granted a license to operate a virtual bank in Hong Kong. It is backed by ZhongAn Technologies International Group and offers users the opportunity to combine regular banking features with many innovative functions that are operated digitally via an app.

The company officially announced the pilot banking program in March 2019 which was aimed at selected retail banking users. The app gives the users the convenience to handle their ZA bank account and everything can be done through the app.

What Features does ZA Bank offer?

FREE REGISTRATION AND 100HKD GIFT FOR NEW CUSTOMERS

The first thing to do is to download the ZA Bank app and register using HK ID, email address, and phone number, and the registration can be done as fast as 5 minutes. After registering, verifying, and submitting the needed credentials, the new users are entitled to get a HK$100 gift and spendable in supported stores like 7/11 in 14 days after the account is opened. Users can also invite their friends and get 100hkd for each friend they have invited using their invitation code. Users can earn up to HK$900 by inviting their friends.

PERSONALIZED VISA CARD

ZA Bank also offers its users HK's first Visa card with a personalized number, and after registration, the Visa card will be delivered to their house within a week. And to use the Visa card, just activate the card and start spending the gifts in different HK-supported stores or shop online using the app.

The card is a debit card with no annual fees. Users can spend the money from their saving accounts to help them budget better. Payments are made easy as the card supports contactless Visa payWave, no swiping or sign is needed.

It is safe and secure and can be locked and unlocked with one tap in the ZA Bank app. No CVV, expiry date, or even user's signature on the physical card, reaching a new level of security.

Users can also enjoy free cash withdrawal at over 3,000 local banks' ATMs in HK, and access to almost 3 million ATMs worldwide with the physical card.

ENJOY REBATES

The rebate is in the form of ZA Coin and users can redeem ZA Coin into cash instantly via the ZA Bank App. All they need to do is to link their ZA Bank account to ZA Coin to join the promotion.

And as part of their first birthday party, the ZA Bank is giving its users a 1% guaranteed rebate and a chance to win up to 324% rebates. To join the PowerDraw, users should have eligible in-store transactions not less than HK$10. Each eligible transaction is equivalent to 1 entry and participants can get up to 20 entries per day. The rewards will be deposited to participant's ZA Coin account right after they have done the PowerDraw, which are given in a form of a ZA coin that is redeemable into cash. This promotion is up to the 31st of March 2021.

MULTI-CURRENCY SAVINGS ACCOUNT

ZA Savings Go feature offers a yearly savings return on deposits of up to HK$500,000. Currencies like HKD, CNY, and USD, are supported in this feature. They provide flexible deposit products ranging from 1 to 12 months and allow users to deposit for as low as HK$1 and allows early withdrawal. The calculation of interest rates are as follows:

For Time Deposits:

For Savings:

The time deposit can be placed using the ZA Bank mobile app at any time which includes holidays, and anywhere to secure a better return.

ZA INSURANCE

The ZA Insure is authorized by the Hong Kong Insurance Authority that offers its customers several health insurances such as ZA Heart Attack and Stroke Protection, ZA Cancer Protection, ZA Accident Protection, and ZA Life Protection.

For example, its ZA Life Protection gives up to HK$10 million maximum sum insured and no body checks required. It is affordable for everyone and the premium insurance only costs HK$32 per year.

ZA Insurance Select also offers the first Bill Insurance of HK. It is a digital insurance platform provided by ZA International Insurance Broker Limited which aims to halt the time constraints and choose the insurance products that suit the need of clients and helps them receive the most suitable protection.

The Bill Insurance provides:

• A lump sum benefit to subsidize the utility bills if the client is hospitalized for more than three consecutive days due to unfortunate circumstances.

• Four tiers of Utility Benefit up to HK$2,000 per hospitalization.

• Utility Benefit of up to 24 times payable annually.

Eligible nationalities include HKSAR, Austria, Belgium, Canada, China, Denmark, Finland, France, Germany, Italy, Macao SAR, Malaysia, Netherlands, Norway, Portugal, Singapore, Sweden, Switzerland, Taiwan, UK.

ZA LOANS

ZA Bank users 18 years old and above that meet the requirements are eligible to apply for a loan up to HK$1,000,000.

The submission of application and requirements are done through the app. After submitting the requirements, the bank will review the application and can be done as fast as 30 minutes. If not, the customer will get HK$10 for every minute of overtime and possibly up to HK$500. The 30 Minutes Pledge has been updated from January 16, 2021, onwards and this promotion is valid until June 30, 2021.

In connection with the ZA Bank’s birthday, customers who will draw the loan of HK$200,000 or above successfully from now until Mar 31, 2021, can enjoy a standard APR of 1.88% and extra HK$324 cash rewards with a tenor of 6 to 24 months.

What's More?

ZA QUEST

The ZA Quest has Family and Christmas series. Every capsule you will get from completing the quest is equivalent to a festive character with corresponding ZA coins. All characters and rewards are drawn randomly, the more quest to complete, the higher the chance to collect the festive collections and win more ZA coins. Users can also have a chance to get more coupons depending on the quest they have completed.

To receive ZA coins, the users must make a ZA coin account and connect it to their ZA Bank account. The redeemed ZA coins will be sent to ZA Bank wallet and can be converted into cash and can be used in paying goods digitally or through the Visa card. Every 100 ZA coins are equal to HK$1.

Invitation Cash Reward Up to HK$900

As I have mentioned above, every invite who successfully registered on ZA Bank App is equivalent to HK$100, and users are entitled to get up to HK$900. Use the invitation code to get HK$100 cash rewards.

Give Lai See In A New Way

The pandemic hinders the gathering every Chinese New Year and that includes giving Lai See to friends and family members. But with ZA Bank, it has been made easier. All you need to do is to go to the AZ Bank app and navigate to the Lai See button, select the receiver and the amount you want to send, fast and easy.

Is ZA Bank Safe?

Virtual banks in Hong Kong are subject to the same set of supervisory requirements that apply to conventional banks. So users can rest assured that their money is in safe hands with ZA Bank.

The system will also check the device's security to ensure that it hasn’t been attacked by malware. Every transaction is checked using a security device and multiple-factor authentication for verification to guarantee that the user's personal data is always safeguarded.​

Pioneering facial authentication

The ZA Bank also has a unique dynamic multi-dimensional live verification technolcane that is used to identify multiple features of the existing smart identity card and the new smart identity card. They can verify the identity within a second and users do not have to worry about identity fraud even if they have lost their phone, pass, or, or username.​

The fund transfer has also made it easy for users with no further complications. Users can transfer their money at any time to any local bank in Hong Kong.

• FPS offers instant fund transfer and with no service fee. And by just using a QR code, mobile number, and email, users can transfer HKD and CNY.

• Transfer USD instantly to other local banks through “CHATS”.

• Support "5 seconds recall" in case the user transfer the money to the wrong account.

For more information about ZA Bank, you can visit this link https://bank.za.group/en/ or download the ZA Bank app on your mobile available in Playstore and Applestore.

Virtual banks in Hong Kong are a key pillar allowing Hong Kong to enter into the Smart Banking Era. The Hong Kong Monetary Authority believes that the evolution of virtual banks will promote fintech and innovation in Hong Kong and offer a new kind of customer experience. Virtual banks can also help promote financial inclusion targeting the retail segment, incorporating the small and medium-sized enterprises.