ZA Bank wins insurance agency licence
Hong Kong virtual bank to sell products of digital-only insurer
25 Jan 2021 | The Asset

ZA Bank has secured an insurance agency licence from the Hong Kong Insurance Authority, allowing it to act as an agent of ZA Insure, a fully digital insurer under the ZA brand.

The approval makes it the first virtual bank in the city to become the agent of insurance products powered by a digital-only insurer, 10 months after the bank’s official launch. The licence also enables ZA Bank to create an all-new digital banking experience.

ZA Bank will on-board a suite of ZA Insure products in due course. Users can then access its one-stop service from quotation and application to underwriting and payment, all to be completed on the bank’s app regardless of time and location. They can also view their policy details anytime on the app, allowing them to enjoy a seamless and convenient experience without the trouble of re-entering most of their personal particulars during the entire journey.

ZA Insure, the trade name of ZA Life Limited, is a joint venture between ZhongAn Technologies International Group Limited and Fubon Life Insurance (Hong Kong) Company Limited. The company obtained its digital-only insurer licence on May 4 2020.

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