Hong Kong’s ZA Bank unveils stock rebate programme

Users can also collect a big-name US stock worth up to $77.77.

ZA Bank has launched its stock rebate programme StockBack.

The programme allows users to get a free lucky draw of US stocks after each successful stock purchase transaction, the Hong Kong-based virtual bank said in a press release.

The move is reportedly part of ZA Bank’s goal of building an all-in-one digital wealth management platform, following the launches of fund and US stock investment services.

Until 31 December, ZA Bank users will automatically get a StockBack for each successful purchase of US stocks. Simply by logging into the campaign page and opening the PowerDraw box within 24 hours, users will receive a designated US stock redemption code.

Stocks for the coupons include the top 100 US-listed companies and ETFs in terms of market capitalisation, such as Microsoft, Apple, Tesla and other technology giants, according to ZA Bank.

Users can instantly redeem the coupon for fractional shares in the form of market orders during US stock trading hours, or at the opening of the next trading day if the redemption is submitted outside of trading hours. 

There is no limit to the number of coupons that a user can receive, and the redeemed shares can be sold at any time. All commissions and transaction-related fees will be waived for the sale orders of the fractional stock portion, ZA Bank said.

The initial week since launching StockBack saw the daily count of ZA Bank users trading in US stocks has increased by nearly 80%, according to the bank’s alternative chief executive Calvin Ng. 

The number of daily transaction orders has also recorded a growth of about 120%, Ng said.

“As the only digital bank in Hong Kong that offers savings, insurance and investment in one single app, we provide a comprehensive suite of wealth management solutions to help more users embark on their investment journeys at a lower cost,” Ng said.

“Our aspiration is to become a banking app with the most engaging investment experience through this innovative offering,” he added.

Until 30 June, ZA Bank users can collect a designated capsule through ZA Quest, and open it to randomly draw a big-name US stock worth up to US$77.77. The capsules are available on a first-come, first-served basis while stocks last. Fees incurred during redemption are waived.

ZA Bank has also announced the extension of its US stock commission offer. Users who trade US stocks via the bank app can enjoy a trading commission of only US$0.012 per share (minimum US$3.88 per order) by 31 July, regardless of the price of the stock purchased.