One of Hong Kong’s first virtual lenders has just obtained a license to also operate as a virtual insurance agency less than ten months after first commencing operation.
ZA Bank announced on 26 January that it had obtained an insurance agency license issued by the Hong Kong Insurance Authority to serve as an agent for digital insurer ZA Insure.
The license will make ZA Bank the first virtual bank in Hong Kong to serve as an agent for virtual insurance products.
ZA 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; and 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.