Insight & Analysis

Press release: DBS Hong Kong enhances online business account opening service for Hong Kong incorporated entities

Published: Jun 2024

13th June 2024DBS Bank (Hong Kong) Limited (“DBS Hong Kong”) today announced the upgrade of its market-leading online business account opening service. With the upgrade, the account opening time for Hong Kong incorporated entities with Hong Kong ID holders is significantly reduced by half to as fast as 1 working day1 instead of 2 working days. Meanwhile, the capability of Electronic Identity Document Verification (eIDV) is extended to Hong Kong incorporated entities whose shareholders or directors are Mainland China ID holders, where they can complete online business account opening in as fast as 5 working days1. The customers can now enjoy the fully digital and expedited process to open a business account via DBS Hong Kong’s IDEAL Mobile app or website, without the need to visit a branch or travel cross-border.

Press release news paper

This upgrade aims to help more SMEs conveniently open business accounts faster, addressing a key concern among local SMEs and staying ahead in this competitive business world. Similar demands exist among SMEs in Mainland China. According to a recent survey2 conducted by DBS Hong Kong SME Banking, a staggering 70% of surveyed SMEs in the Mainland China reported that it took them more than one month to open a business account in Hong Kong. The survey further revealed that 90% of these SMEs hope to massively cut down the account opening timeline. And, over half of them expressed a strong desire for an expedited process, ideally within two weeks’ time.

The survey highlighted three major pain points Mainland China SMEs faced during the Hong Kong account opening process: lack of transparency in account opening status and progress (55%), complicated document submissions (31%), and the requirement to cross-border for account opening (20%). As businesses increasingly adopt digital banking solutions, security emerges as a paramount concern.

Notably, 68% of respondents expressed agreement that the use of near field communication (NFC) technology for secure and instant identity verification during digital business account opening instills a sense of security. Addressing these needs and challenges, DBS Hong Kong extends eIDV to Hong Kong incorporated entities whose shareholders or directors are Mainland China ID holders, a solution that simplifies and accelerates the online account opening process by utilising NFC technology.

Apart from account opening, customers can seamlessly manage their Hong Kong and Mainland China Business accounts via DBS IDEAL online banking platform, enabling them to handle banking services—from cross-border payments and document submissions, to FX transactions and inquiries—all within a single interface.

As the “Safest Bank in Asia” for 15 consecutive years3 and the largest bank in Southeast Asia4, DBS Hong Kong is committed to delivering market leading digital solutions to our customers, offering a complete suite of services that enables Hong Kong incorporated entities, whether their shareholders or directors hold Hong Kong ID or Mainland China ID, to handle all their banking needs efficiently and seamlessly online, without crossing borders.

Jolynn Wong, Managing Director and Head of SME Banking, DBS Bank Hong Kong, said, “DBS Hong Kong continues to demonstrate our commitment to empowering SMEs with innovative and secure solutions, making business banking more secure, accessible and efficient. Our upgrade of online business account opening service not only benefits Hong Kong SMEs by expediting the business account opening process, but also expands our service to a broader range of Hong Kong incorporated entities. With eIDV extended to Hong Kong incorporated entities with shareholders or directors holding Mainland China ID, they can now open a business account seamlessly without the hassle to travel. This enables them to focus on their business expansion ambition and thrive in today’s competitive landscape.”

To celebrate the upgrade of online business account opening service, DBS Hong Kong is offering a series of exclusive welcome offers, including up to HK$13,888 in cash rebates5, for SMEs who successfully apply for a business account opening online on or before 31 August, 2024. These offers include a minimum deposit balance service fee waiver, cash rebates for completing outward payment transactions and payroll instructions, among others. SMEs who completed at least 6 outward payment transactions in the first 6 calendar months upon business account opening via IDEAL Online Banking Platform can enjoy a maximum of HK$500 in cash rebate5. SMEs can also get a maximum of HK$1,888 in cash rebate5 if they completed payroll instruction for at least 3 months or more in the first 6 months upon account opening.

  1. Account opening can be completed in as fast as 1 working day for Hong Kong-incorporated entities with all shareholder/director/sole proprietor/partner holding a Hong Kong Permanent Identity Card. For Hong Kong-incorporated entities with at least 1 shareholder/director/sole proprietor/partner holding the People’s Republic of China Resident Identity Card, account opening can be completed in as fast as 5 working days. Subject to eligibility and conditions.

  2. The DBS Hong Kong SME Research interviewed 150 SMEs from Mainland China in the 4th quarter of 2023.

  3. This is the 15th consecutive year that DBS has been named “Safest Bank in Asia” by Global Finance since 2009.

  4. According to the database from ‘Bloomberg Terminal’ dated as of 31 December 2023, DBS is the largest bank by asset in Southeast Asia.

  5. Terms and conditions apply.

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