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DBS Hong Kong heralds “This is DBS digibanking”

By Edil Corneille

December 10, 2020

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DBS, bank, Singapore, payments, API, Asia, digital banking, credit, blockchain, open banking, financial inclusion, AI, Hong KongDBS Hong Kong is supporting SMEs with the digital tools needed to build operational resilience. Heralding “This is DBS digibanking”, a new era of intuitive, intelligent and invisible digital banking, DBS Hong Kong is enabling SMEs to set up a new business account completely digitally in three working days. SMEs can also access hassle-free and collateral-free financing and manage their business anytime and anywhere from the convenience of a single personalised screen.

DBS Hong Kong CEO Sebastian Paredes said, “…With many businesses struggling to stay afloat and overcome financial challenges amid COVID-19, we are fully committed to helping SMEs transform for a more resilient future. Our consistent efforts to innovate the way we serve, engage and interact with customers, are enabling them to truly benefit from a hassle-free and contact-free online banking experience. This latest transformation of the SME customer journey represents a great leap forward for DBS, and we shall continue to help drive the future of banking digitalisation.”

Alex Cheung, Managing Director and Head of Institutional Banking Group, at DBS Hong Kong said, “There are more than 340,000 SMEs in the SAR, and they account for more than 98% of the total business community in Hong Kong. With the current need for social distancing, enabling SMEs to open a business account completely digitally in as quickly as three working days addresses a key customer pain point, and is vital to meeting their business demands and expansion needs…”

With DBS Hong Kong’s solution, filling in the online application form can be as quick as 19 minutes. The fully digitalised and seamless account opening experience allows SMEs to manage their finances and expand their businesses easily amid the challenges presented by COVID-19.

The fully digital business account opening solution is initially available to SMEs incorporated and with a registered address in Hong Kong, with up to four directors and no corporate shareholders, and all with valid Hong Kong permanent identity cards. Sole proprietors and partnerships will be offered this solution in the future. From now until December 31, 2021, successful applicants for DBS Online Account Opening for Business can enjoy rewards up to HK$10,500 subject to eligibility and with terms and conditions applied.

ALSO, READ: DBS leverages open banking (SGFinDex) and AI in Singapore

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