ZA Bank: a licensed Hong Kong virtual bank open to residents holding an identity card

The account is held by ZA Bank Limited, which appears among the licensed banks incorporated in Hong Kong in the list of authorized institutions published in an annex to the annual report of the Hong Kong Monetary Authority (HKMA). In March 2019, the HKMA granted one of the first three virtual bank licences to ZhongAn Virtual Finance Limited, the original name, which is kept as an alias.

In Hong Kong, a virtual bank is a fully licensed bank that delivers its services digitally: ZA Bank is therefore classified among the licensed banks.

The status is verified against the list of authorized institutions published in an annex to the HKMA's annual report, as at 31 December 2025; the HKMA's online register could not be consulted directly.

ZA Bank requires applicants to be at least figure being updated, to hold a Hong Kong smart identity card issued on or after 26 November 2018 (permanent or non-permanent resident status is accepted), and to have a Hong Kong mobile phone number and a valid residential address in Hong Kong. Older identity cards, children's cards and documents issued by a foreign authority are not accepted.

An expatriate holding a work visa, and therefore a Hong Kong identity card, can thus open an account. The bank states, however, that it cannot open accounts for customers linked to certain countries by their tax residence, place of birth or nationality.

For visitors, the only published route concerns residents of mainland China who are in Hong Kong, with a PRC resident identity card, a mainland mobile number and bank card, and an entry and exit permit.

The list of excluded countries is not published on the page consulted. What happens to the account after leaving Hong Kong is not documented.

The retail offering includes a Hong Kong dollar account opened through the app, a card, local transfers and investment services; a business account also exists.

We did not consult an official fee schedule or the list of currencies that can be held; these items are not included.

Since 1 October 2024, the limit under Hong Kong's Deposit Protection Scheme has been up to HK$800,000¹ per depositor per bank, according to the HKMA. Securities holdings are not covered by this scheme.

ZA Bank's membership of the Deposit Protection Scheme was not found on a page of the bank or of the DPS Board.

The limit applies bank by bank: deposits spread across several Hong Kong virtual banks each benefit from their own limit, whereas several accounts opened at the same bank are added together. The increase in the limit is part of a first phase of reforms to the Deposit Protection Scheme that took effect on 1 October 2024, according to the HKMA.

• The issue date of the Hong Kong identity card: a card issued before the end of 2018 is not sufficient.
• Exclusions linked to nationality, place of birth or tax residence.
• What happens to the account if you leave Hong Kong.
• Reporting obligations linked to your tax residence: a French tax resident must declare each year the accounts opened, held, used or closed outside France, including those with online banks and payment wallets; other countries impose comparable obligations.