Deutsche Bank Partners with HashKey Exchange to Enhance Fiat Deposit Services for Users

Deutsche Bank Partners with HashKey Exchange to Enhance Fiat Deposit Services for Users

(IN BRIEF) Deutsche Bank has helped HashKey Exchange, Hong Kong’s largest licensed virtual asset exchange, launch a new fiat deposit channel, allowing clients to directly deposit Hong Kong dollars or US dollars into virtual accounts managed by the bank. This collaboration provides HashKey Exchange with enhanced banking solutions, improving operational efficiency and user experience. The bank’s tailored services also support HashKey Capital’s management of digital asset funds.

(PRESS RELEASE) FRANKFURT, 20-Feb-2025 — /EuropaWire/ — Deutsche Bank has played a key role in helping HashKey Exchange, Hong Kong’s leading licensed virtual asset exchange, launch a new fiat deposit channel, significantly improving the user experience on the platform. This collaboration addresses the growing banking needs within the digital asset space, offering innovative solutions for both HashKey Exchange and its sister company, HashKey Capital.

Meeting the Unique Banking Needs of HashKey Group
HashKey Group comprises two main divisions: HashKey Exchange, a prominent virtual asset trading platform, and HashKey Capital, a global digital asset management firm. Both entities required specialized banking services. HashKey Exchange needed a partner capable of facilitating operational and customer flows, including foreign exchange (FX) services, while HashKey Capital sought assistance with managing investor funds, settlements with investees, and liquidity providers—particularly in the context of digital assets.

Deutsche Bank was selected for its extensive experience in supporting new economy companies. The bank provided a comprehensive range of services, including operational and client-money accounts for HashKey Exchange, as well as virtual accounts designed to streamline the reconciliation process. For HashKey Capital, Deutsche Bank facilitated the management of both existing and incoming funds by opening accounts to support investor inflows and settlements.

These tailored banking solutions offered HashKey Exchange clear oversight of exchange-related funds, while HashKey Capital was able to consolidate its assets in Asia, benefiting from a more efficient account structure. Moreover, HashKey Exchange gained access to Deutsche Bank’s FX4Cash module, which provided real-time foreign exchange rates and ensured more efficient execution of transactions.

Fiat Deposit Services Now Available to HashKey Exchange Clients
In a major development, Deutsche Bank is now providing fiat deposit services for HashKey Exchange. This allows clients of the exchange to deposit Hong Kong dollars or US dollars directly into virtual accounts managed by Deutsche Bank. This new deposit option complements existing methods on the platform and enhances overall convenience for users. The service utilizes Deutsche Bank’s API-based virtual account solution, ensuring a seamless integration with HashKey Exchange’s systems.

Ole Matthiessen, Head of Corporate Bank for Asia Pacific and Middle East & Africa and Global Head of Cash Management at Deutsche Bank, expressed his satisfaction with the partnership: “We are thrilled to assist HashKey Exchange in expanding its service offerings. Our expertise in serving fintech and digital economy clients positions us well to support HashKey Exchange in scaling its operations for long-term growth.”

Hai Yang Ru, Chief Risk Officer of HashKey Group, also commented on the collaboration: “Working with Deutsche Bank marks a significant milestone for HashKey Exchange’s banking relationships. The integration of Deutsche Bank’s API-based virtual account solution enhances the flexibility and ease of fiat deposits, providing more options for our users. We remain committed to strengthening our banking partnerships, improving user experience, and upholding the highest security standards for user funds.”

As of January 15, 2025, HashKey Exchange is ranked seventh on CoinGecko’s global exchange list, making it the highest-ranked licensed virtual asset exchange in Hong Kong.

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SOURCE: Deutsche Bank AG