HSBC Brings Remote Account Opening To Hong Kong SMBs

To let companies open business accounts online, HSBC rolled out Hong Kong’s inaugural remote business account opening process designed for small- to medium-sized businesses (SMBs), according to an announcement.

Those companies can open an account at any time and at any location without meetings or sending tangible paperwork as well as signature.

Clients can seek a business integrated account digitally and get the account number instantaneously. They make a profile and fill out a digital account opening form, send in digital versions of the necessary paperwork, put in a single-use passcode sent by text message and prove their identity via “selfie verification technology.”

HSBC Head of Business Banking, Commercial Banking Daniel Chan said in the announcement, “This seamless account opening solution means quick and easy access for small companies and startups to reliable and convenient banking services, reaffirming our commitment to support [SMBs] in Hong Kong and drive digital innovation in banking.”

The bank said a special team was made to handle business account applications and contact clients to learn more about their operations via telephone.

At first, the bank will provide Hong Kong SMB clients that have been in operation for three years at the most and have a “simple company structure” with the offering. It says it will then grow the offering to more companies that have more complicated arrangements as well as international operations.

In separate news, HSBC Hong Kong unveiled a new application programming interface (API) for instant B2B payments. The service will let companies make Direct Debit Authorization (eDDA) a part of their own infrastructure in addition to real-time funds transfer.

The process will let companies do away with their difficult old methods that made them log in to their accounts to set a direct debit instruction into motion and wait multiple days for it to be ready.