Three Banks in Hong Kong Introduced SBAs for Businesses Requiring Basic Banking Services
The three note-issuing banks, Bank of China, HSBC and Standard Chartered Bank in Hong Kong, have recently introduced a new tier of accounts, the “Simple Bank Accounts” (or SBAs), with the support of the HKMA, to provide an additional option for business customers who require only basic banking services.
Since the risks involved in SBAs are relatively lower, banks may require less detailed information and supporting documents from applicants (i.e. less customer due diligence measures as compared to opening a traditional account). This is a new initiative that could help address the issue of bank account opening encountered by new companies (especially SMEs and startups) setting up in Hong Kong.
The HKMA expects more banks to come on board to help further promote financial inclusion in Hong Kong.
For details regarding SBAs, please click HERE.