Thu. Oct 29th, 2020

Regulation HK

Financial Regulator

Hong Leong Bank Launches Digital Account Opening

2 min read

Hong Leong has become the first Malaysia bank to launch “fully digital” account opening, just three months after BNM’s new e-KYC guidelines took effect.

Hong Leong Bank and Hong Leong Islamic Bank have become the first bank in Malaysia to offer online-only onboarding and account opening, following the introduction of e-KYC guidelines in the country.

On 30 June, a BNM (Bank Negara Malaysia) policy document on e-KYC took effect, as the central bank sought to accelerate and streamline the adoption of digital onboarding in the financial sector.

Hong Leong says the new customer experience is “fully digital” and eliminates the need to visit a physical branch or self-service terminal for account opening. Customers need to download a mobile app and can open an account with their MyKad identity cards and a selfie.

“We are pleased to be able to help Malaysians bank safely amidst the on-going pandemic and we are proud to be doing our part in pushing for greater digital innovation in the financial sector,” said Hong Leong Bank chief executive Domenic Fuda.

He added that the initiative will further stimulate the growth of Malaysia’s digital economy while meeting the needs and expectations of an increasingly digital and mobile-first generation of consumers.

“We have seen a significant shift to digital banking over the past seven months. Expanding our digital offerings to the first of its kind digital account opening through e-KYC will further propel the move to digital banking.”

Separately, Maybank had launched a mobile banking and e-wallet app called MAE by Maybank2u, to help customers manage bill payments, fund transfers, spending and budgeting. New customers can open a MAE wallet via the app, without having to visit a branch.

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