RD ezLink partners with three banks in Hong Kong to support SMEs in accessing financial services
RD ezLink Limited today announced that it has reached an intention of partnership with three banks in Hong Kong to provide all-digital corporate identity verification through the RD ezLink service, which is expected to launch in mid2022 by the earliest. By facilitating corporate account opening, ongoing update of account information as well as applications for financing and other services, RD ezLink not only will enhance customer experience, but also open up business opportunities for banks.
The first round of banks that have reached an intention of partnership with RD ezLink Limited are:
- Bank of East Asia (BEA)
- CMB Wing Lung Bank
- ZA Bank
Apart from cross-border payments, access by SMEs to banking services has not always been a smooth ride. Because banks have to conduct Know-Your-Customer (KYC) due diligence to comply with regulatory requirements, SMEs are required to submit a large number of documents when opening an account. In addition to basic company registration information, they also have to provide personal information of directors, ultimate beneficial owners, authorised signatories and others. Such information is then subject to authentication by the banks involving mostly manual processes, thereby reducing cost effectiveness and undermining customer experience.
RD ezLink, with its offer of all-digital corporate identity verification solution powered by latest technologies, is here to tackle challenges faced by SMEs throughout account opening and improve efficiency of ongoing information update, thereby facilitating SMEs to obtain financing from banks.
The centrepiece of RD ezLink’s corporate identity verification solution is the full digitalisation of information collection and authentication processes. Users can provide or update all their data in one mobile app, which means less paperwork back-and-forth with multiple institutions and greater convenience for signatories or shareholders, especially those who are abroad. Furthermore, enterprises will have full control over the use of verified information - whether it is account opening, ongoing updates or other banking services, the information needed will only be sent to the relevant banks under specific authorisation by the customers.
"I am delighted to be working with the first round of banks in preparing for the launch of a new digital corporate identity verification solution that will help tackle the challenges faced by SMEs in opening accounts and continued access to banking services," said Norman Chan, Chairman of RD ezLink Limited. “The ability of corporate customers to have full control over the use of verified corporate information gives rise to a win-win outcome because it not only facilitates remote account opening and continuous updates by the company, but also improves the efficiency in the handling of SME businesses by banks.”
Kelvin Au, General Manager and Head of Corporate Banking Division of BEA, said: “We are delighted to be one of the first banks to be engaged in the new service of RD ezlink. Digitalisation is core to BEA’s business strategy, and we strive to deploy the latest technologies to enhance customer experience and efficiency. RD ezlink is making a positive step towards unlocking the potential of automation in eKYC, which we believe will greatly benefit both SMEs and banks.”
He Xin, Deputy General Manager of CMB Wing Lung Bank, said: “The digital corporate identity verification service to be launched by RD ezLink will make it easier for banks to obtain verified company information and business data, resulting in less time and manual effort required on customer due diligence processes. We are looking forward to an indepth cooperation with RD ezLink Limited in order to provide the best customer experience and quality financial services for CMB Wing Lung Bank customers.”
The launch of RD ezLink is expected in mid-2022 by the earliest. Small and medium-sized enterprises will be able to register for the service through the mobile app, which will support all-digital corporate identity verification for companies from Hong Kong, Mainland China and abroad. As businesses will be able to establish relationships with multiple financial institutions in one go, both efficiency and customer experience of banks will benefit. RD ezLink is currently working with more other institutions in Hong Kong, including banks and industry associations, for future collaboration. Details will be announced later.
About RD ezLink
Developed by RD ezLink Limited, a member of RD Technologies, RD ezLink is an innovative platform featuring fully-digitised corporate identity verification and data analytics capabilities. In partnership with banks, other financial institutions, business associations and etc., RD ezLink aims to promote financial inclusion by elevating the customer experience in accessing financial services and in raising the cost-effectiveness of financial institutions in doing SME businesses while meeting the regulatory KYC requirement. Learn more about RD ezLink at https://www.rd.group.
About Bank of East Asia
Incorporated in 1918, The Bank of East Asia, Limited (“BEA”) is a leading Hong Kong- based financial services group listed on The Stock Exchange of Hong Kong, with total consolidated assets of HK$907.47 billion (US$116.39 billion) as of 31st December, 2021. BEA provides a comprehensive range of corporate banking, personal banking, wealth management, and investment services to customers through an extensive network of about 150 outlets covering Hong Kong, the rest of Greater China, Southeast Asia, the United Kingdom, and the United States. For more information, please visit www.hkbea.com.
About CMB Wing Lung Bank
CMB Wing Lung Bank (formerly known as Wing Lung Bank), founded in 1933, is among the oldest local Chinese banks in Hong Kong. Following its motto of “Progress with prudence, service with sincerity”, the Bank has been evolving and contributing to the socio-economic development with great effort. Putting customers at the heart of the business, the Bank provides comprehensive banking services, including retail, private banking and wealth management, corporate finance, etc. Through its wholly owned subsidiaries, the Bank also provides asset management, insurance agency and general insurance services. At present, the Bank has over 30 banking business outlets and CMB Wing Lung Private Banking Centre in Hong Kong, its service outlet network also covers mainland China, Macau and overseas. The Bank owns a staff force of more than 2,000 people. China Merchants Bank Co., Ltd. (CMB), the parent company of CMB Wing Lung Bank, is China's first joint-stock commercial bank wholly owned by corporate legal entities. In 2008, CMB Wing Lung Bank was acquired by CMB. In 2021, CMB ranked 14th on the list of “Top 1,000 World Banks 2021” released by The Banker (UK). CMB also received the award of the “Best Bank in China” by Euromoney for 3 consecutive years, in addition, it was also awarded the “Best Wealth Management Bank in China” in a row at the ceremony organized by Asian Banker. For more information about CMB Wing Lung Bank, please visit the Bank’s website at www.cmbwinglungbank.com.
About ZA Bank
ZA Bank Limited (“ZA Bank”), licensed by the Hong Kong Monetary Authority, is one of the first batch of virtual banks in Hong Kong. On 24 March 2020, ZA Bank officially launched its services to the public, making it the first fully-operating virtual bank in Hong Kong. On 22 March 2021, ZA Bank officially launched Business Banking to deliver an innovative banking experience to local small and medium-sized enterprises. ZA Bank was established by ZhongAn Technologies International Group Limited. With its “Community-Driven” approach, ZA Bank encourages users to directly contribute to its product development and design processes, helping the bank create innovative services that better serve the needs of Hong Kong customers.