Hong Kong-based ZA Bank has received its insurance agency license
ZA has announced that it has been granted an Insurance Agency license from the Hong Kong Insurance Authority (IA), 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 license also enables ZA Bank to create an all-new digital banking experience.
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. 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.
“We are delighted about this tie-up between ZA Bank and ZA Insure, the first in-depth collaboration between a virtual bank and a virtual insurer in Hong Kong. Ever since ZA Insure has received a digital-only insurer licence from the IA, customers in the market have been expressing their anticipation for our synergy with ZA Bank. 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.” – Wayne Xu, President of ZA International and CEO of ZA Insure.
“With our Community Driven approach, we are dedicated to identifying trends from user feedback, and then applying the insights into actual functions in our App. Today 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.” – Rockson Hsu, CEO of ZA Bank.