The Hong Kong digital banking subsidiary of Chinese fintech company ZhongAn Online has entered an agreement with Visa to work on cashless payments solutions
ZA Bank Limited (众安银行) recently announced that it had executed a new strategic cooperative partnership agreement with Visa, with a view to providing more innovative, secure and reliable payments services to Hong Kong consumers.
Under the agreement ZA Bank will work with Visa to create cashless payments solution plans for customers.
ZA Bank was one of eight applicants to obtain virtual banking licenses from the Hong Kong Monetary Authority in the first half of 2019.
On 18 December ZA Bank became the first lender to trial Internet-only banking services in Hong Kong.
The digital bank is an affiliate of Hong Kong-listed ZhongAn Online – a Shanghai-based online insurer founded by Ant Financial, Ping An and Tencent in October 2013.