B2B Payments

DBS Hong Kong Digitizes Two-Day SMB Account Opening

DBS Hong Kong is rolling out a contactless way to set up SME business accounts

DBS Hong Kong, a subsidiary of DBS Bank headquartered in Singapore, is transitioning to a new contact-free way for small- to medium-sized businesses (SMBs) to set up business accounts, according to a press release.

The new method is touted by the company as able to be completed in two days at any time and any place.

DBS said the change will allow for SMBs to meet virtually with the company's relationship managers if there is a need for that.

SMBs will be eligible for the service if they have at least four directors, no corporate shareholders, and valid Hong Kong permanent identity cards. The program is currently being run on a trial basis, with FinTech Supervisory Sandbox (FSS) of the Hong Kong Monetary Authority (HKMA). That will end on June 15.

A few selected SMBs will be able to participate in the program before the public rollout slated for later this year. Those SMBs will get 9,900 Hong Kong dollars ($1,277.16) in incentives for participating in the program and also doing a survey afterward.

Alex Cheung, managing director and head of Institutional Banking Group with DBS Hong Kong said in the release that the company understands the need for different, modern types of services in the current coronavirus pandemic environment, which makes it unfeasible for companies to meet in person. Cheung said the new services would help ease burdens on businesses and let them focus on growing their businesses instead of worrying about accounts.

The current pandemic has made it more prudent for companies to put contactless services in place, as the virus is highly contagious and can be transmitted through contact with other people or things people have touched. But even with the virus, many people still prefer regular card or cash payments that require some contact over the newer digital wallet applications available.



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