Fiserv Inc. and ZA Bank, the first virtual bank to launch a Hong Kong-based pilot program, said ZA is using Fiserv’s VisionPlus global payment software to enable the entire lifecycle of card payment services.
“We are pleased to partner with Fiserv as we embark on a journey to shift the lifestyle of future banking users,” Rockson Hsu, CEO of ZA Bank, said in a joint release from the companies. “With our companies combined knowledge and expertise in banking and technology, we are well placed to respond fast to the ever changing market with an agile product development approach.”
ZA Bank Ltd., formed by ZhongAn Technologies International Group Ltd., obtained its virtual bank license in March 2019 from the Hong Kong Monetary Authority. The bank launched a pilot program in December with 2,000 retail users to test its mobile banking services, including remote onboarding, multi-currency savings accounts, time deposit, facial recognition and other features.
Fiserv, based in Brookfield, Wisconsin, provides financial technology to companies in more than 100 countries worldwide, and works with financial institutions in 15 Asia-Pacific nations.
“The launch of ZA Bank is an important milestone in the financial services sector in Hong Kong and across Asia Pacific, as it is a modern banking option aligned to the changing way people want to move and manage money,” Ivo Distelbrink, executive vice president and head of Asia Pacific at Fiserv, said in the release. “Fiserv is enabling the digital transformation of many institutions in the region and will continue to help banks that are focused on digital experiences to innovate, differentiate and operate more efficiently.”
ZA Bank in January announced a partnership with Visa to develop cashless payment services.