ZA Bank, which is Hong Kong’s first virtual bank, is offering a high 6.8% interest rate on deposits. However, this facility is available for those who would be able to sign up a lot of friends as customers of the bank. And the facility will be available to the first 50 people who can accomplish this. Virtual banks are gaining popularity in Hong Kong but at present they offer few services such as credit cards, but several promotional schemes like that of ZA Bank. ZA Bank is a joint venture between a unit of ZhongAn Online P&C Insurance and Sinolink Group and it is one of the 8 virtual banks licensed by the Hong Kong Monetary Authority in 2019 to boost fintechs and smart banking in the city. As a virtual bank, it can only use mobile phone apps and other online tools to offer banking services
