It could be a headache for Hong Kong SMEs to open a business account as there are strict regulations. Things are gradually improving as DBS Hong Kong rolled out new features to address the issue.
By announcing “This is DBS digibanking”, DBS Hong Kong enables SMEs to create a new fully digital business account in just three business days. SMBs can also access hassle-free, unsecured financing and run their business at the convenience of a single, personalized screen, with resources and services at their fingertips.
Here are the main features:
- Open a fully digital business account in just three business days, with instant identity verification enabled by AI
- Completing the online application form can take up to 19 minutes
- The applicant can use DBS online banking platform (IDEAL) to track the status of all requests using their mobile or email
- Personalized display of online banking transactions on one screen for easy financial management
- Check trade finance application status anytime, with same-day loan disbursement for routine trade finance services
- Personalized FX watchlist, with real-time FX trades
- Online application process (no need to provide financial statement) for unsecured business loan up to HK $ 8 million
“With many businesses struggling to stay afloat and overcome financial challenges amid COVID-19, we are fully committed to helping SMEs transform for a more resilient future. This latest transformation of the SME customer journey is a big step forward for DBS, and we will continue to contribute to the future of banking digitization, ”said Sebastian Paredes, CEO of DBS Hong Kong.
The traditional process of opening a business account for SMBs can often be long and tedious, and takes more than a month. The latest digital business account opening solution is initially available for incorporated SMEs with a registered address in Hong Kong, with up to four directors and no shareholder companies, and all with permanent ID cards valid in Hong Kong. Sole proprietors and partnerships will be offered this convenient solution in the future.
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