Zhongan Bank: 60 to 70 Web3 companies have opened operating accounts, and another 20 to 30 are under approval

Odaily Planet Daily News Yao Wensong, CEO of ZA Bank of Hong Kong, said that ZA Bank hopes to launch US stock products this year, Hong Kong stock investment products are also planned, and actively develop Web3 business to achieve balance of payments as soon as possible. Xian Diyun, the bank's replacement CEO, said that currently 60 to 70 Web3 companies have opened operating accounts, and another 20 to 30 are in the process of approval. This operating account cannot handle client assets, but can be used for payment of grain, rent, water, electricity, coal, and company capital, etc. It is convenient for companies to build teams in Hong Kong, hire business and risk department employees, and apply for a license from the Securities Regulatory Commission at the same time. The other account, the settlement account, which handles client assets, will initially be temporarily closed. When an enterprise obtains an "in-principle approval" license, it will require more anti-money laundering (AML) information, and then open the settlement account for testing deposits and withdrawals. When the company obtains a formal license, it will officially open an account, and ZA Bank will become the settlement bank of the licensed exchange, providing legal currency deposit and withdrawal settlement services. Currently, two licensed platforms in Hong Kong, HashKey and OSL, are also its customers. (Letter)