DBS HK helps SMEs open business accounts at ease

It could be a headache for SMEs in Hong Kong to open a business account as there are stringent regulations. Things have been improving gradually as DBS Hong Kong has rolled out new features to address the problem. 

Heralding “This is DBS digibanking”, 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 at the convenience of a single personalised screen, with resources and services at their fingertips.

Here are the key features:

• Fully digital business account opening in as quickly as three working days, with AI-enabled instant identity verification
• Filling in the online application form can be as quick as 19 minutes
• Applicant can use DBS online banking platform (IDEAL) to track all application status using their mobile or 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

"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 represents a great leap forward for DBS, and we shall continue to help drive the future of banking digitalisation," said DBS Hong Kong CEO Sebastian Paredes.

The traditional business account opening process for SMEs can often be lengthy and tedious and takes more than a month. The latest 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.

Related articles

DBS HK wins customers’ hearts through full-fledged app and instant credit card application

DBS HK helps reduce food waste with Foodlink Foundation

DBS HK launches programme to help people plan their retirement