DBS digitizes SMB account opening
A subsidiary of DBS Bank, DBS Hong Kong has launched a new method to open and set up bank accounts virtually for small-to-medium sized businesses. Thus creating virtual and contact-free banking experience. This account can be opened in two days by small- to medium-sized enterprises (SMEs) any time and from any place.
DBS in its press release said that this change will allow SMEs to virtually engage with the company’s relationship manager if the need arises. SMEs will be eligible for this service if they have at least four directors, no corporate shareholders, and valid Hong Kong permanent identity cards.
The program is currently on trial phase with FinTech Supervisory Sandbox (FSS) of the Hong Kong Monetary Authority (HKMA). This trail will end on June 15th, 2020. The program will be rolled out publicly later this year.
“As a leader in SME banking, DBS Hong Kong understands the needs of SME customers, especially in the current challenging environment. We have consistently supported sustainable SME growth, and we believe our latest innovative solution greatly enhances the business account opening experience, helps ease the burden on SMEs, and enables them to focus on growing their business.” said Managing Director and Head of Institutional Banking Group, at DBS Hong Kong Alex Cheung.
Only selected SMEs will be invited to join, and they will receive up to HK $9,900 as an incentive for successful application completion and post-application survey completion.