With the unprecedented challenges facing SMEs, which account for more than 98% of Hong Kong’s businesses, DBS Hong Kong is supporting SMEs with the digital tools needed to build operational resilience.
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.
DBS Hong Kong CEO, Sebastian Paredes, said: “SMEs are an essential part of the Hong Kong economy. 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.
“Our consistent efforts to innovate the way we serve, engage and interact with customers are enabling them to truly benefit from a hassle-free and contact-free online banking experience. 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.”
DBS Hong Kong has focused on addressing SME pain points to help businesses leverage technology to better access and manage their finances. 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.
Alex Cheung, Managing Director and Head of 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.
“With this latest innovative solution, DBS Hong Kong is at the forefront of supporting SMEs’ sustainable growth, as a leader in SME banking.”