Malaysia’s HLB launches official store on Shopee Mall
By Edil Corneille
Hong Leong Bank (HLB) announced its e-commerce platform offering, with the launch of its official store on Shopee Mall. With this, customers will be able to sign-up for banking products and services whenever they want to, at anytime. This eliminates the requirement for customers to visit the physical branches of the bank.
The official store of HLB is part of its strategy to completely provide digital banking solutions in wake of the rising digital consumption among individuals. Last October, the bank launched a fully digital account onboarding through mobile app ‘Apply@HLB’, that leverages e-Know-Your-Customer (eKYC) technology.
Domenic Fuda, Group Managing Director and CEO of HLB said, “The Bank’s digital-at-the-core strategy has helped in reimagining banking experiences, leading us to focus on a digital growth trajectory to make banking much more accessible and improve customer experiences. The success of eKYC has set the foundation for us to explore new opportunities in better serving customers on digital-only channels.”
E-commerce experienced significant growth, especially over the last year. Shopee reported a 38 million monthly average visit traffic. Thus, e-commerce is a major growth area for HLB in expanding its digital banking proposition.
Charles Sik, HLB’s MD of Personal Financial Services said, “Offering banking products on e-commerce is a natural progression for us as customers shift their spending and consumption behaviour online. We are excited to have a presence on this platform where customers can open a HLB account without visiting our other channels. As a start, we are offering bank accounts with other types of banking products coming in the near future.”
Galvin Yeo, HLB’s GM of Personal Financial Services for Deposits & Digital added, “Malaysians have developed a natural proficiency in navigating e-commerce platforms with the shift to digital and mobile-first lifestyles. The banking industry is playing catch up in the digital game considering you can get most essential items online or via e-commerce. With 9 out of 10 new digital consumers intending to continue using digital services post-pandemic, we are excited to reach out and serve customers on e-commerce sites. This will also challenge the Bank to constantly update and innovate our offerings to be exciting and relevant.”
IBSi Daily News Analysis
February 28, 2024
Hong Leong Bank
FinTech penetration in Southeast Asia will double by 2027, research revealsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage