Virtual bank licensed to offer insurance
ZA Bank, one of the first batch of virtual banks in Hong Kong, has secured an insurance agency license from the local authority.
The approval will mean it can act as an agent of ZA Life Ltd (also known as ZA Insure), a subsidiary of ZA International and a digital-only insurer.
The license enables ZA Bank to create a more convenient experience, according to the company, as users can complete the whole process of buying insurance from quotations and underwriting to seeking claims on its app.
In May 2020, ZA Insure was awarded a digital insurance license by the Hong Kong Insurance Authority and ZA Bank was officially launched as Hong Kong’s first virtual bank the same month, one year after it was granted the relevant license.
ZA Bank said that, with its “community-driven” approach, it is committed to engaging its customers in the product development and design process.