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Zhongan Bank opened an operational account for OKX Hong Kong and partnered to support the development of Web3 in Hong Kong.

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This collaboration aims to jointly support the development of a healthy and vibrant Web3 ecosystem in Hong Kong under the new VATP licensing system.

On November 1, 2023, ZhongAn Bank, the first virtual bank in Hong Kong, announced that it has opened an operational account for OKX Hong Kong, a global leading virtual asset trading platform and Web3 technology company.

ZhongAn Bank provides basic commercial banking services to OKX Hong Kong's operational account to meet its daily banking and financial management needs. This further supports OKX Hong Kong's plan to apply for a virtual asset trading platform (VATP) license under the revised Anti-Money Laundering and Counter-Terrorist Financing Ordinance and to apply for Type 1 and Type 7 licenses under the Securities and Futures Ordinance.

ZhongAn Bank's Deputy General Manager Xian Diyun said: "As OKX continues to expand its business in Hong Kong, we are pleased to become its trusted banking partner, confirming our new step towards realizing the vision of 'Banking for Web3'. We look forward to working closely with OKX to jointly support the birth of a healthy and vibrant Web3 ecosystem in Hong Kong under the new VATP issuance system."

Earlier this year, ZhongAn Bank announced its determination to become the preferred banking partner for licensed VATP and Web3 enterprises under the supervision of the China Securities Regulatory Commission, in order to support the Special Administrative Region government's vision of promoting Hong Kong as a leading global Web3 technology hub.

OKX's Chief Business Officer, Li Zhikai, stated: "As Hong Kong gradually transforms into a leading international center for Web3 and virtual assets, industry collaboration and banking relationships are crucial. Through our partnership with Zhongan Bank, our goal is to promote the development and widespread application of virtual assets in Hong Kong, including jointly hosting investor education activities."

OKX announced in March the establishment of OKX Hong Kong company and intends to apply for relevant VATP licenses.