CMB Wing Lung Bank Launches Virtual Asset ETF Trading in Hong Kong

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Hongji Feng

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Hongji Feng

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Hongji is a crypto and tech reporter. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX (Huobi Global),...

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October 17, 2024 12:45 EDT

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CMB Wing Lung Bank has officially launched virtual asset exchange-traded fund (ETF) trading services in Hong Kong, becoming one of the first mainland-funded banks to offer such products.

According to the bank’s Thursday press release, the new service allows customers to trade virtual asset ETFs, including those tied to major cryptocurrencies like Bitcoin and Ethereum, as well as blockchain technology-focused ETFs.

One of First Mainland-Funded Banks to Offer Crypto ETFs

CMB Wing Lung Bank’s service provides access to both spot and futures ETFs on the Hong Kong Stock Exchange.

The available products span a range of options, including ETFs linked to virtual currencies and blockchain investments.

The bank has launched a dedicated ETF section in its mobile app, offering users tools for real-time market tracking, educational materials, and seamless trading for both Hong Kong and U.S. stocks.

The bank also introduced a Popular ETF Rankings feature, designed to help investors monitor market trends and identify potential opportunities within the ETF space.

Hong Kong’s Virtual Asset Strategy

Lam Suk-fan, Assistant General Manager of CMB Wing Lung Bank, noted that this new offering aligns with Hong Kong’s vision of becoming a global hub for virtual assets, supported by the region’s strategic position within the Greater Bay Area.

“The Hong Kong Special Administrative Region Government is actively promoting the development of an international virtual asset centre,” said Lam.

“CMB Wing Lung Bank will leverage its professional advantages in securities trading and wealth management, adhere to a customer-centric approach, uphold a prudent and cautious business philosophy, fully comply with regulatory policies, and provide Hong Kong residents with efficient and convenient virtual asset investment services,” stated Lam.

The release indicated that CMB Wing Lung Bank plans to continue promoting financial innovation and enhancing its financial products and service system.

The bank intends to develop into a commercial bank in Hong Kong that provides customers with comprehensive cross-border and local financial services.