The package aims to help SMEs save business operation costs and streamline their cashflow while facilitating smooth transactions locally and globally, so they can cope with their business expansion needs. With the acceleration in digitalisation, more and more SMEs have identified new business opportunities, such as from e-commerce, to grow beyond borders. According to an AON SME Survey commissioned by DBS5, 55% of SMEs are aiming to expand into new markets in the next 12 months, in which nearly all SME respondents are interested in tapping into another Asian market.
DBS is proud to be the first bank to start pilot trials with selected Hong Kong incorporated entities whose owners or directors are mainland China IDs holders; they will be able to open accounts fully digitally using our award-winning6 online account opening service. This initiative is meant to benefit more SMEs in Hong Kong to open business accounts via a straight-through and digital process.
Mr. Alex Cheung, Managing Director and Head of Institutional Banking Group, DBS Bank (Hong Kong) Limited, said, “As a leader in SME banking, DBS Hong Kong is committed to supporting the sustainable growth of SMEs. The total number of new loan applications has increased by 32% as compared to last year, indicating a strong demand in financing among SMEs to keep up with the changing business environment. With as many as 10 flexible financing solutions available online, we are on a mission to bring the banking experience for SME to the next level. The latest no-fee account opening offers aim to enable Hong Kong SMEs to unleash their full potential in the long run to grow beyond borders. The extension of our online account opening services to Hong Kong incorporated companies with owners or directors who hold mainland China IDs is also a testament to our continued effort in utilising technologies to make banking easier for SMEs.”
Since COVID, DBS Hong Kong’s digital account opening has jumped from 31% to 57% while digital lending has soared from 25% to 75%7. DBS is continuing to accelerate the digitalisation agenda and its comprehensive SME banking solution is complemented by market-leading digital offerings to meet SMEs’ evolving needs. Not only do we enable Hong Kong SMEs to set up a new business account completely online in as quickly as three working days8, but now they can also apply for loans digitally, with as many as 10 business financing solutions available to cater to their different needs.
To enjoy the ‘DBS $0 Fee Online Account Opening Offers’, SMEs can submit their Online DBS Business Account Opening application through the DBS Online Account Opening for Business website https://smeportal.dbs.com/hk/accounts/#/ from now until 31 December 2022), whereas the business financing application can be completed through the DBS Business Financing Solutions website https://abl.dbs.com/ablhk/loans/.
For details of the ‘DBS $0 Fee Online Account Opening Offers’ package, please visit:
https://www.dbs.com.hk/sme/day-to-day/accounts/business-account
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About DBS DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world. Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 14 consecutive years from 2009 to 2022. DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience. With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
