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ZA Bank expands footprint into insurance business

ZA becomes the first Hong Kong virtual bank to obtain a digital-insurance license.



ZA Bank has been granted an Insurance Agency Licence from the Hong Kong Insurance Authority, allowing it to act as an agent of ZA Insure, a fully digital insurer under the ZA brand.

The move sees ZA Bank become Hong Kong’s first virtual bank to be the agent of insurance products powered by a digital-only insurer, 10 months after the bank’s official launch. This licence also enables ZA Bank to create an all-new digital banking experience.

Wayne Xu, president of ZA International and CEO of ZA Insure, called this tie-up between ZA Bank and ZA Insure as “the first in-depth collaboration between a virtual bank and a virtual insurer in Hong Kong.”

ZA Bank will on-board a suite of ZA Insure products in due course. Users can then access its one-stop service from quotation, application, underwriting to payment, all to be completed in the ZA Bank App regardless of time and location. They can also view their policy details anytime in the App upon policy issuance, enjoying a seamless and convenient experience without the trouble of re-entering most of the personal particulars during the entire journey.

“We believe the two ZA businesses can leverage each other’s technology capabilities and cost advantages, and work together to create greater values for users’ digital banking journey down the road,” Xu said.

Meanwhile, ZA Bank will adhere to ZA Insure’s philosophy of creating “insurance everyone can afford”, offering simple insurance products at inclusive prices to address users’ diverse needs for basic protection.

Rockson Hsu, CEO of ZA Bank, said, “We have become the only virtual bank in Hong Kong that can offer savings, loans, card services and insurance products at the same time. This demonstrates not only our commitment to fulfilling our promise to users, but also our devotion to providing comprehensive services. We will continue to be a game changer as we step into the next chapter.”

ZA Insure (the trade name of ZA Life Limited) is a joint venture between ZhongAn Technologies International Group Limited and Fubon Life Insurance (Hong Kong) Company Limited. On 4 May 2020, ZA Insure obtained a digital-only insurer licence from the IA under its Fast Track pilot scheme.

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