Hang Seng Bank : Expands Business Banking Remote Account Opening Service Scope and Launches E-Sign Function to Help Business Customers Grasp New Opportunities (30 May 2021)

30 May 2021

Hang Seng Expands Business Banking Remote Account Opening Service Scope and Launches E-Sign Function to Help Business Customers Grasp New Opportunities

New business account openings in first quarter grow 1.4 times year-on-year

A significantly larger group of companies can now enjoy greater convenience with Hang Seng Bank's expansion of its Business Banking Remote Account Opening Service to include limited companies with up to five 'connected parties'. This latest development is part of Commercial Banking's ongoing customer-centric initiatives to provide seamless and comprehensive banking services that make it easier for business customers to improve their operational efficiency and act quickly on new opportunities. The Bank has also launched a new e-Sign function to better meet the banking needs of business customers.

Launched at the end of 2020, the first phase of the Bank's Business Banking Remote Account Opening Service provided sole proprietors and one-person limited companies registered in Hong Kong with a simple and paperless way to open an Integrated Business Solutions Account through digital channels. The market responded positively to the new service, helping to drive a 1.4 times year-on-year growth in the number of business accounts opened with the Bank in the first quarter of 2021.

The enhanced Business Banking Remote Account Opening Service will now cover sole proprietors, partnerships and limited companies established in Hong Kong that have a maximum of five 'connected parties' (i.e. individuals such as shareholders, directors and authorised signers), a move that extends the convenience of 'anytime, anywhere' business account opening to a much larger number of enterprises and SMEs. The Bank's new e-Sign function frees users from the need to visit a Business Banking Centre to complete in-person signing after opening an account online, enabling them to begin benefiting from Hang Seng's diverse range of commercial banking services more quickly.

more…

Hang Seng Expands Business Banking Remote Account Opening Service / 2

Following the submission of the required documents and the completion of digital ID verification and e-Sign processes, an Integrated Business Solutions Account will be opened for eligible customers in as little as five working days. Customers can also apply for Business e-Banking services, request cheque books, and enrol for ATM, phone banking and payroll services during the remote account opening process.

Donald Lam, Head of Commercial Banking at Hang Seng Bank, said: "There are over 340,000 SMEs in Hong Kong, accounting for more than 98% of the total number of enterprises in our city. Building on our strong digital capabilities and brand strength as a trusted partner for SMEs, our objective is to provide companies with services that make banking faster and easier, enabling them to spend more time focusing on their core business in today's competitive operating environment.

"The expansion of our Remote Account Opening services and new e-Sign function are the latest developments in our ongoing actions to further our objective in support of the business success and growth of our clients. We are currently exploring the possibilities of applying the e-Sign functionality to a wider range of commercial banking services. We also have a number of exciting new initiatives in the development pipeline to benefit our SME and start-up customers."

# END #

Hang Seng Expands Business Banking Remote Account Opening Service / 3

About Hang Seng Bank

Hang Seng Bank is celebrating its 88th anniversary this year. Founded in 1933, the Bank has continually innovated to provide best-in-class,customer-centric banking, investment and wealth management services for individuals and businesses. It is widely recognised as the leading domestic bank in Hong Kong, currently serving more than 3.5 million customers.

Combining its award-winning mobile app and strong digital capabilities with a vast network of about 290 service outlets in Hong Kong, Hang Seng offers a seamless omni-channel experience for customers to take care of their banking and financial needs anytime, anywhere.

Its wholly owned subsidiary, Hang Seng Bank (China) Limited, operates a strategic network of outlets in almost 20 major cities in Mainland China to serve a growing base of Mainland customers locally and those with cross-boundary banking needs. The Bank also operates branches in Macau and Singapore, and a representative office in Taipei.

As a homegrown financial institution, Hang Seng is closely tied to the Hong Kong community. It supports the community with a dedicated programme of social and environmental initiatives focused on future skills for the younger generation, sustainable finance and financial literacy, addressing climate change and caring for the community.

Hang Seng is a principal member of the HSBC Group, one of the world's largest banking and financial services organisations. More information on Hang Seng Bank is available at www.hangseng.com.