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Treasury & Capital Markets
HSBC launches digital account opening service for foreigners
Mobile app allows foreign passport holders to remotely open an account in Hong Kong in less than 10 minutes
The Asset 13 Mar 2023

HSBC has introduced a new service that allows foreign passport holders to open a bank account in Hong Kong remotely using their mobile phone in a process that takes less than 10 minutes. The service targets customers who are planning to move to Hong Kong and international citizens with banking needs in the city.

Previously, customers who are not Hong Kong ID card holders either had to visit a Hong Kong branch or an overseas branch in person to open a Hong Kong bank account. Applications from overseas could take two weeks to complete.

The new service, the first of its kind among banks in Hong Kong, enables eligible individual customers to open an HSBC HK bank account with a passport via the HSBC HK App remotely. Customers can complete the entire procedure on a mobile device and access their account within 10 minutes. They can also set up their mobile banking login and may receive their ATM card before arriving in the city.

Over the past few years, HSBC has continued to introduce new features and improvements on its HSBC HK App as part of its digital strategy. The bank says the launch of the service reflects its ongoing investments in technology to make banking simpler, safer and more personalized for its customers.

A recent HSBC study finds that 62% of those who plan to move to Hong Kong worry about how to manage their finances upon arrival, and 75% worry about getting the right financial services for their needs.

The new service is currently applicable to customers aged between 18 and 64, holding a passport issued by Australia, Belgium, Canada, India, Ireland, Italy, Jersey, Mexico, the Philippines, Singapore, South Africa, the United Kingdom, the United States, Vietnam or Taiwan, and those who reside in Australia, Canada, Hong Kong, Macau, Singapore, the UK or the US when making the application.

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