Hong Kong’s ZA Bank conducted a survey during the past three weeks, showing that its clients strongly appreciate access to cryptocurrencies via the bank. Last November it was the first Asian bank to launch a digital asset service for retail clients. ZA Bank is controlled by China’s ZhongAn Insurance, which was founded by the Chairmen of Alibaba, Tencent and PingAn Insurance.
Given the survey participants were ZA Bank clients, the sample is not entirely unbiased. Nonetheless, the findings make sense and could reflect customer appetites in many other jurisdictions.
With the recent hack of ByBit crypto exchange funds, more than three quarters of clients mentioned they trust the bank as a caretaker of their crypto funds as well as for risk control and fraud prevention.
Another key advantage cited by 69% of respondents is the ability to use their bank accounts directly to pay for crypto, rather than needing to transfer funds to an exchange in order to make purchases. Similarly, 68% like the convenience of using their digital bank app.
However, they don’t just want basic functionality. Rather than the bank purely providing a crypto purchase or sale solution, 81% want the ability to directly transfer their cryptocurrencies in and out, just as they would with money. More than three quarters want to see a wider range of cryptocurrencies supported in Hong Kong, and they also wish to be able to use mainstream stablecoins such as Tether and USDC.
“We’re pleased that survey respondents see the ability to trade cryptocurrencies directly from digital bank savings account balance—without extra transfers of fiat—as a key attraction,” said Calvin Ng, CEO of ZA Bank. “As investor interest in virtual assets continues to grow, cryptocurrencies are increasingly viewed as an emerging component of diversified portfolios.”
Bank crypto activities in other jurisdictions
In other major jurisdictions, banks are starting to roll out retail offerings. Unsurprisingly, Switzerland was one of the first, with PostFinance launching early last year. Several banks across Germany have started to pilot or launch offerings. The vast majority are partnering with crypto specialists, which may beg the question – do their clients fully appreciate this? Because it means the risks may be higher than they might expect.
In the United States, the FDIC recently released letters under a freedom of information request, indicating that many banks had plans for crypto offerings in partnership with startups. But regulator scrutiny over the past couple of years prevented their launch. With the Trump administration’s engagement with the crypto sector, that’s likely to change quickly.
