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Hong Kong’s virtual-only lender ZA Bank will be expanding its services to the digital asset sector, offering crypto-to-fiat conversions and account services to clients. The bank, co-founded by Chinese billionaire Ou Yaping, plans to facilitate transfers of digital and fiat currencies for participants in Hong Kong’s developing crypto industry. For now, ZA Bank will only engage with licensed digital asset exchanges and perform anti-money laundering checks. It is currently working with the two existing licensed crypto exchanges in Hong Kong, but intends to provide services to more platforms as they obtain licenses. Hong Kong has been seeking to revive its status as a global financial center and has shown interest in becoming a crypto hub.
