Hong Kong virtual bank ZA bets on city’s blockchain goals

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HONG KONG — Chinese insurer-backed ZA Bank is looking to ride Hong Kong’s push to become a cryptocurrency and blockchain hub by focusing on clients that many traditional banks in the city have shied away from. ZA says 60 to 70 companies involved in Web3 — a concept covering cryptocurrency, blockchain and other technologies related to the digital economy — have accounts at the bank. Of those, 20 or 30 are looking to become licensed crypto trading platforms, ZA Alternate CEO Devon Sin told Nikkei Asia.

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