Fusion Bank has launched Business Banking Services for local small and medium-sized enterprises (SMEs) to help them with their digitisation plans.

The offering includes diversified banking services including multi-currency savings accounts, time deposits, local transfers via the Faster Payment System (FPS) and CHATS, and telegraphic transfers (TT) cross-border remittance services covering countries and regions around the world.

SMEs can now submit Fusion Bank Business Account opening application though its website and receive the approval in one day. There is no minimum deposit requirement to set up an account.

The bank has also adopted eKYC identity authentication technology that it had jointly developed with Tencent to substantially improve the accuracy of facial and image recognition.

With the new technology, Fusion Bank said that the False Acceptance Rate and Straight Through Rate have been improved, while the number of facial captures needed for ID verification decreased for a smoother online account opening experience.

The following types of companies incorporated in Hong Kong can set up an account – sole proprietorship, partnership and single-layered limited company, whose “connected parties” must be HKID holders and open or maintain Fusion Bank personal accounts.

New customers who successfully open Business Account will be exempted from paying an account opening fee and remittance handling fee for all transfers, and monthly fee in the first six months.

Ari Zhou, Executive Director and Chief Executive of Fusion Bank said,

“Fusion Bank understands the challenges encountered by SMEs when using traditional banking. By leveraging our innovative technology, we are committed to offering them convenient and comprehensive Internet Banking services together with a hassle-free account opening experience, fostering financial inclusion in Hong Kong and empowering SMEs to manage finances easily and expand their businesses locally and globally.”