Hong Kong Bank ZA Improves Financial Management Experience with New ‘Fixed Rate’ Tax Loan

ZA Bank announced plans to streamline the financial management experience with a “fixed rate” tax loan at a “guaranteed APR of 1.58%”.

Driven by the motto of “Be the Game Changer”, Hong Kongthe virtual banking platform of, ZA Bank, introduced another tax loan with a fixed annualized percentage rate to provide users with a “simple” and “straightforward” financial management experience.

From today until December 31, 2021, users can benefit from a guaranteed APR of 1.58% “upon successful application of the tax loan with an invitation code and the draw of a loan amount of 200,000 HKD or more with a tenor of 6 to 36 months. “

Sin of Devon, Co-Head of Retail Banking at ZA Bank, said:

“Being the ‘Game Changer’ means we are committed to creating the best experience for our users, even for a basic banking product. As one of ZA Bank’s enduring products, our tax loan has registered over 40,000 requests since its inception. In order to meet the growing demand for this offering, we have made a major upgrade to this current tax loan. Along with its historic “fixed APR” and seamless, fully digital experience, we have offered an attractive 1.58% price tag to provide users with a simple, clear and convenient solution for financial planning. We hope that this product can refresh the sophisticated image of traditional credit products.

ZA Bank will introduce during this period two “special” offers (mentioned above):

  • For new users: each user can “get a cash reward of HKD 400 for successful account opening during the process of applying for a loan and withdrawing any amount; “
  • For Existing Users: By referring a friend “for successfully obtaining a HKD 50,000 or more tax loan or card statement remittance program with an invitation code from an existing user, the referrer can get a reward in cash as follows: ‘

(Note: For more details on these rates and other announcements, see here.)

The result of the final approval is “based on the ZA Bank’s decision during an overall review of an application, as well as the final amount of a user’s charge and the repayment period,” he said. ‘announcement.

ZA Bank Limited, authorized by the Hong Kong Monetary Authority on March 27, 2019, is one of the earliest digital banking groups in Hong Kong. On March 24, 2020, ZA Bank officially launched “its services to the public, making it the first fully operational virtual bank in Hong Kong”.

On March 22, 2021, ZA Bank officially “launched Business Banking to provide an innovative banking experience to local small and medium businesses”.

ZA bank was created by ZhongAn Technologies International Group Ltd. With its ‘community driven’ approach, ZA Bank ‘encourages users to directly contribute to its product development and design processes, helping the bank to create innovative services that better meet the needs of Hong Kong customers’ .

Based on market data, Hong Kong virtual banks “together have attracted 420,000 users as of December 31, 2020, with HKD 15 billion in deposits and HKD 1 billion in loans.”

ZA Bank has successfully acquired over 220,000 users, personal deposits (6 billion HKD) and loan amounts (650 million HKD).

ZA International was established in Hong Kong in December 2017, by ZhongAn Online P&C Insurance Co., Ltd., a China-only online insurtech, to “explore opportunities for international business development, collaboration and investment in the field. fintech and insurtech abroad. markets. “

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