ZA Bank Reaches Record 1 Million Customers Milestone In Hong Kong

ZA has hit a milestone, becoming the first digital-only lender to reach 1 million customers in Hong Kong. The lender announced last month that it recorded a 9% increase in deposits year-on-year, hitting HKD 21.1 billion ($2.7 billion) in the process.

It also recorded a 23% surge in card transactions, compared to the 8.4% growth it reported last year. ZA Bank says it recorded a 132% increase in total transaction volumes in foreign exchange, remittances, and other payments.

Co-Chief Executive Officer of ZA Bank, Calvin Ng, commented on the milestone. “We remain committed to delivering innovative, secure, and user-centric banking services,” he said. He added that the platform will continue to expand its product offerings and drive growth by focusing on diversified asset allocation and wealth management.

ZA Bank Wants To Become Users’ Preferred Digital Wealth Management Partner

Calvin says the firm is looking to become the digital wealth management partner of choice for its clients by actively exploring digital asset use cases. The goal is to offer its clients access to several digital offerings, helping them achieve their investment and trading objectives in the market.

ZA said its assets under management (AUM) have surged 12% in 2025. This reflects the increase in demand for investment services among retail clients. ZA Bank was licensed to operate as a virtual lender by the Hong Kong Monetary Authority in 2019.

The regulator licensed seven other firms alongside ZA Bank. However, the bank has outperformed its counterparts in usage and customer acquisition.

Rival lenders are still far behind in terms of customer base. In June this year, WeLab  Bank reported that it has 500,000 users. Similarly, Mox Bank, backed by Standard Chartered Bank, stated that it maintains 600,000 customer accounts.

ZA Bank Still Struggles To Sustain Profitability

ZA Bank has not achieved sustained profitability, despite the increase in the number of accounts it manages. However, the virtual lender is progressing steadily. In its 2024 report, ZA Bank announced revenue of HKD 548 million ($70 million). This reduced its net loss by 42% compared to the previous year.

In July 2024, ZA Bank was the first virtual lender in Hong Kong to record a monthly net profit. The profit was driven by growing fee income from U.S stock trading services and higher interest income.

Observers in the industry have pointed out that having sustained profitability has remained a major challenge for virtual lenders in the region. Analysts believe that the major test will come from converting revenue momentum into steady earnings across all business sections.

Observers will now focus on ZA Bank as the firm to break that revenue barrier, considering the high number of transactions it performs compared to others. Their focus will be on whether Hong Kong’s digital banking model will translate into long-term sustainability from rapid customer acquisition.