Banking News

HSBC Rolls Out Remote HK SME Account Opening

HSBC Rolls Out Remote HK SME Account Opening

(26 June 2020 – Hong Kong) HSBC unveiled what it claims is the first completely digital account opening system in Hong Kong (HK) for small and medium-sized enterprises (SMEs), amid incoming competition from virtual banks.

Business owners can now open an account without scheduling face-to-face or video meetings with the Bank, or submitting physical documents and signature. A bank account number will be available immediately and SMEs can verify their identity using the bank’s mobile app, but it will take two to five days for the account to be activated. This service is initially offered to SMEs that have been in operation for less than three years and have a simple company structure, which account for 80 percent of the Bank’s monthly sign-ups. HSBC plans to extend the service to businesses with more complex structures and overseas operations in the future.

“This seamless account opening solution means quick and easy access for small companies and start-ups to reliable and convenient banking services, reaffirming our commitment to support SMEs in Hong Kong and drive digital innovation in banking,” said HSBC Hong Kong Commercial Banking Head of Business Banking Daniel Chan.

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