Fusion Bank Launches Business Banking, Empowering SMEs to Capture Global Opportunities

24/7 Deposit and Fund Transfer Services

HONG KONG, March 21, 2023 /PRNewswire/ -- Fusion Bank, a virtual bank strategically invested by Tencent Holdings Limited, today announces the launch of Business Banking Services to provide flexible and convenient Internet Banking services to local small and medium-sized enterprises (SMEs), empowering them to expand their businesses. SMEs can now submit Fusion Bank Business Account opening application anywhere, anytime online with approval in as fast as 24 hours^[1], remove the hassle and save time for customers who would normally have to prepare piles of documents and visit brick and mortar bank branch. Fusion Bank Business Banking supports 24/7 Deposit and instant Fund Transfers, enabling customers to deploy funds flexibly to better meet the business needs. During the promotion period^[2], new customers who successfully open Business Account could enjoy the offer about exemption of account opening fee and remittance handling fee for all Fund Transfers in the first six months^[3].

Mr. Ari Zhou, Executive Director and Chief Executive of Fusion Bank, said: "As more and more SMEs are undergoing digitalization, their business operations and expectations for financial services are also evolving. 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."

Convenient account opening process with diversified services to help SMEs seize business opportunities

Fusion Bank Business Banking online account opening service now supports the following types of companies incorporated in Hong Kong: sole proprietorship, partnership and single-layered limited company, whose "connected parties" must be HKID holders and open or maintain Fusion Bank personal accounts. SMEs who meet the Bank's requirements can submit account application online anytime, anywhere through Fusion Bank's website with approval in as fast as 24 hours^[1], saving time compared to the traditional service model which often takes months. Last but not least, there is no minimum deposit requirement lowering the entry barriers to banking for SMEs.

Fusion Bank Business Banking offers 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, to help customers to deploy their funds flexibly and meet the round-the-clock business needs in today's digital economy and expand their businesses overseas.

Leveraging advanced artificial intelligence (AI) and cloud-based technologies, Fusion Bank Business Banking provides customers with a more seamless, secure banking experience, including online smart customer services to handle enquiries in real time, as well as the adoption of eKYC identity authentication technology jointly developed by Tencent and Fusion Bank which substantially  improves the accuracy of facial and image recognition. With the new technology, the False Acceptance Rate and Straight Through Rate have been improved, while the number of facial captures needed for ID verification decreased, bringing a smoother online account opening experience to our customers^[4].

Fusion Bank Business Banking is available now. During the promotion period^[2], new customers who successfully open Business Account could enjoy the offer about exemption of account opening fee and remittance handling fee for all transfers, and monthly fee in the first six months^[3].

About Fusion Bank

Fusion Bank was granted a banking licence to conduct virtual banking business by the Hong Kong Monetary Authority (HKMA) in 2019. A joint venture between Tencent Holdings Limited, Industrial and Commercial Bank of China (Asia) Limited ("ICBC (Asia)"), Hong Kong Exchanges and Clearing Limited, Hillhouse Capital and renowned Hong Kong entrepreneur Mr. Adrian Cheng (via investment entity, Perfect Ridge Limited), Fusion Bank aims at promoting financial inclusion in Hong Kong and providing customers with convenient, preferred and secure virtual banking and financial technology services. Headquartered in Hong Kong, Fusion Bank will ensure its compliance with the relevant regulatory requirements and guidelines.

For more information, please visit https://www.fusionbank.com/

SOURCE Fusion Bank