ZA Bank teams up with Fiserv in an effort to transform Hong Kong banking

Maria Nikolova

ZA Bank is among the first first batch of virtual banks to get licensed in Hong Kong.

Provider of financial services technology solutions Fiserv, Inc. (NASDAQ:FISV) and ZA Bank, one of the first virtual banks to get licensed in Hong Kong, today announced that the bank would be using technology from Fiserv to enable a transformative banking experience for its customers.

Fiserv is equipping ZA Bank with VisionPLUS global payment software, which supports the entire card payment lifecycle, including origination, card issuance, authorization, settlement and customer service. Its service-oriented core architecture and open APIs enable quicker application development and integration, which in turn allows financial institutions like ZA Bank to develop and launch innovative products faster and at a lower cost.

ZA Bank Limited got its virtual bank license in March 2019. The bank is among the first batch of companies that secured virtual bank licenses issued by the Hong Kong Monetary Authority (HKMA). ZA Bank was established by ZhongAn Technologies International Group Limited.

Back in March 2019, HKMA granted virtual banking licences under the Banking Ordinance to Livi VB Limited, SC Digital Solutions Limited and ZhongAn Virtual Finance Limited.

Virtual banks operate in the form of a locally-incorporated entity in Hong Kong with no physical branches. A key objective of introducing virtual banks in Hong Kong is to promote financial inclusion by harnessing the banks’ IT platforms that would lower the incremental cost of taking in additional customers.

Read this next

Digital Assets

Bitcoin price flash crashed to $8,200 on Binance.US platform

Bitcoin price briefly crashed to $8,200 (not a typo) Wednesday on Binance.US, the American outpost of the world’s biggest crypto exchange.

Digital Assets

FTX Trading lands $25 billion valuation after $450 million investment

FTX, the cryptocurrency exchange founded by Sam Bankman-Fried, said on Thursday its valuation had risen to $25 billion after a $450 million funding round that included a clutch of heavyweights from traditional finance.

Digital Assets

Nukkleus enters booming crypto ETF space with 5% stake in Jacobi

Jacobi is one of the first companies to offer Bitcoin through mutual funds in Europe. Most regulators restrict cryptocurrencies from being directly held in funds. Crypto-linked funds may be a workaround. 

Industry News

FX and Crypto trading fueled by competition among young investors, FCA

The regulator believes higher-risk investments are not compatible with these investors’ risk tolerance or comprehension. 

Digital Assets

FCA wants more power to supervise cryptoasset businesses

The FCA stated its concern that the registration standards it is permitted to apply under the MLRs are far less demanding than those applicable under FSMA.

Industry News, VOD

Interview with Match-Prime & Match-Trade Technologies at the iFX EXPO: The winning combination of liquidity and technology

FinanceFeeds went to Limassol, Cyprus, last week to meet the industry leaders. A key highlight was the interview with the executives of Match-Prime Liquidity and Match-Trade Technologies present at the show; Svetlana Kulikova, the Head of Match-Trade Cyprus, and Andreas Kapsos managing the Liquidity Provider. 

Industry News

Kikit & Mess charged with $3.9m FX and Crypto ponzi scheme

The scammer used the money to pay for travel costs, including chartering a private jet, renting a luxury mansion and cars, leasing a luxury automobile, as well as purchasing real estate, according to the CFTC.

Digital Assets

Ripple extends further in Middle East

Ripple has been quickly expanding its footprint in the Middle East. Earlier this month, it became official that the Qatar National Bank (QNB) plans to launch a remittance platform based on Ripple blockchain technology.

Digital Assets

Lukka acquires Blox Finance to expand data offering on crypto ecosystem

Lukka’s costumers rely on institutional-grade technology infrastructure with a breadth of coverage across blockchains, exchanges, wallets, and other venues and data sources.

<