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DBS launches digibanking for Hong Kong SMEs

DBS Hong Kong unveils its “digibanking” services for small businesses.



Nimish Panchmatia, Sebastian Parades, Alex Cheung

DBS Hong Kong has launched its “digibank” in Hong Kong aimed at supporting SMEs with the digital tools needed to build operational resilience.

The traditional business account opening process for SMEs can often be lengthy and tedious, and take more than one month, with numerous visits to bank branches.

With DBS Hong Kong’s latest innovative solution, filling in the online application form can be as quick as just 19 minutes. The fully digitalised and seamless account opening experience allows SMEs to manage their finances and expand their businesses easily amid the challenges presented by COVID-19, said DBS Hong Kong CEO Sebastian Paredes.

Heralding “This is DBS digibanking”, a new era of intuitive, intelligent and invisible digital banking, DBS Hong Kong is enabling SMEs to set up a new business account completely digitally in as quickly as three working days.

SMEs can also access hassle-free and collateral-free financing and manage their business anytime and anywhere from the convenience of a single personalised screen, with resources and services at their fingertips.

Key features:

  • Fully digital business account opening, anytime and anywhere in as quickly as three working days, with artificial intelligence-enabled instant identity verification
  • Filling in the online application form can be as quick as just 19 minutes
  • Applicant can use DBS online banking platform (IDEAL) to track all application status using their mobile/email
  • Personalised view of online banking transactions on a single screen to facilitate convenient financial management 
  • Check trade finance application status anytime, with same-day loan disbursement for common trade financing services
  • Customised FX watchlist, with real-time FX transactions
  • Online application process (no need to provide financial statement) for collateral-free business loan of up to HK$8 million 

Alex Cheung, managing director and head of the institutional banking group at DBS Hong Kong, said, “There are more than 340,000 SMEs in the SAR, and they account for more than 98% of the total business community in Hong Kong. With the current need for social distancing, enabling SMEs to open a business account completely digitally in as quickly as three working days addresses a key customer pain point, and is vital to meeting their business demands and expansion needs.”

DBS forwarded several local business owners who are live with its digibanking service.

Astor Chan and Blanche Koo, founders of fashion e-commerce company May 16, said, “It is important for small businesses like ours to have a banking account that is easily accessible and manageable. DBS Hong Kong’s digital solution not only provides an agile way for account opening, but supports our business growth with value-added services, especially during the current COVID-19 situation, where contact-free banking services are vital.”

Alfred Hui, managing director of Hui Kee Fishball said“We needed to diversify and optimise our business amid the current economic challenges, and required a separate business account. We were very impressed by the complete end-to-end and user-friendly innovative solution provided by DBS Hong Kong. We believe this is a real game-changer for SMEs, and will help us seize new opportunities.”

The fully digital business account opening solution is initially available to SMEs incorporated and with a registered address in Hong Kong, with up to four directors and no corporate shareholders, and all with valid Hong Kong permanent identity cards. Sole proprietors and partnerships will be offered this convenient solution in the future.

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