HSBC Hong Kong offers bank account services to residents without abodes

By Edil Corneille

HSBC Hong Kong has announced basic banking account services to residents without fixed abodes or to those who are living in subdivided flats without access to postal services. The bank’s move promotes its on-going commitment to financial inclusion where it has removed minimum balance requirements and below balance fees for Personal Integrated Account customers. The bank has stated that it provides barrier-free banking services and special banking account for customers with dementia.

Greg Hingston, Regional Head of Wealth and Personal Banking, Asia Pacific, and Head of Wealth and Personal Banking, Hong Kong, HSBC said, “Many of Hong Kong’s most vulnerable residents struggle to get back on their feet because they lack a bank account to receive income and store their savings/allowances safely. With our 150-year history, HSBC has always had a deep bond with Hong Kong people and the community. Part of HSBC’s mission is to make the benefits of financial services accessible to as many people as possible, improving lives and making our communities stronger in the process.”

Customers can open a standalone HKD statement savings account, thereby making it easier for them to find a permanent job or to receive social welfare benefits, as well as keep their savings secure.

Christina Yung, Senior Community, Diversity and Financial Vulnerability Manager, Wealth and Personal Banking, HSBC said, “There are tens of thousands of people living in Hong Kong who are socially and financially vulnerable. With COVID-19 adding pressure to those most vulnerable in our society, it is all the more important that we make use of the Bank’s capabilities and local community networks to provide them with additional support. Being homeless doesn’t necessarily mean being jobless or without need of banking services. In addition to protecting their money, a bank account can help them find a permanent job since most employers don’t want to pay salaries in cash. HSBC is committed to ensuring access to basic banking services for customers from all backgrounds.”

To open an account, customers must obtain a referral letter confirming their banking needs from a designated NGO, whose address will be used for any correspondence with the customer. Furthermore, they can take the letter and the Hong Kong Identity Card to one of the bank’s designated branches in the company of an NGO support worker. Once the application is approved, customers will receive an ATM card, a PIN number and can use the NGO’s address to receive correspondence.