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Hong Kong-based ZA Bank enters insurance business

ZA Bank insurance_IFM_Image
The bank has been granted a licence by the Hong Kong Insurance Authority

Hong Kong-based digital bank ZA Bank will venture into the insurance space after being granted a licence by the Hong Kong Insurance Authority, media reports said. The recent development comes 10 months after its official launch.

The licencing would allow ZA Bank to act as an agent of ZA Insure, a digital-only insurer that is also under the same ZhongAn umbrella. The insurance products will be available to customers through the ZA Bank app.

Wayne Xu, president of ZA International and chief executive at ZA Insure told the media, “We’re 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.”

According to Clyde & Co Hong Kong partner Joyce Chan, merger and acquisition (M&A) activities in the reinsurance market in the Asia Pacific (APac)region will pick up pace in 2021. It is also reported that investor’s appetite will bounce back in the Asia Pacific at a much faster rate when compared to other regions. Joyce Chan believes the reinsurance market in the region has not been impacted by Covid-19 as severely as Europe or the Americas.

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