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