Hong Kong neobank ZA Bank launches early payday product

Users can get their monthly payroll up to seven days in advance, interest-free.

Hong Kong virtual bank, ZA Bank, has launched Salary FastPass, an interest-free early payday product that allows users to get their monthly payroll up to seven days in advance, according to a press release.
 
This is reportedly the first such payroll offering in Asia, the bank said.
 
Users can choose a “ZA Payday” of up to seven days earlier than their original payday. No interest fees will be charged within seven days from the payday as long as users maintain a sufficient balance in their ZA Bank savings account for auto debit.

Users can apply for the Salary FastPass service in the ZA Bank App, without the need to change their payroll bank account. 
 
Rockson Hsu, CEO of ZA Bank, noted that some traditional payroll bank accounts are still featuring higher deposit rates or fee waivers, which may not be well-received by employees.

“Therefore we decided to be the game changer for all Hong Kong workers by creating the first interest-free early payday product in Asia, making every penny earned count. With ‘Salary FastPass’, we seek to revitalise the traditional mindset of Hong Kong’s financial services sector and set the next trend,” Hsu said.