Bank of China (HK) to improve fintech services and platforms in Hong Kong

Bank of China Hong Kong (BOCHK), the largest leading bank in Honk Kong, has planned to enhance fintech services and platforms in the city, while maintaining physical branch network, the South China Morning Post reported.

According to Rocky Cheng Chung-ngam, general manager of Information Technology of BOCHK, the bank presently has 1 million customers using its mobile phone platform, thus helping to drive growth in transactions by 232 percent in past three years. Around 85 percent of customer transactions were conducted online via mobile phones or automated teller machines.

“We have seen an increasing number of customers using non-branch banking services. This is why we have invested heavily to expand our mobile banking and other financial technology, or fintech system, to meet with the demand of the younger generation of customers,” Cheng stated in an interview with South China Morning Post .

The bank also plans to strengthen its use of big data to eliminate suspicious activity and also to speed up its services like loan approvals. Cheng added that the bank will see over 100 staff in teams related to technology and promote innovative services including mobile phone money transfer, personal payments biometric security among others.

Cheng added that due to the promotion of fintech by the government, customers in the age group of 18 to 24 are using banking services via online or mobile phone. “The younger generations like to use their mobile phone to do everything,” Cheng said.

Last month, BOCHK and HongKong Applied Science and Technology Research Institute (ASTRI) signed a MoU in order to establish the “BOCHK-ASTRI FinTech Collaboration Centre” (Centre), which aims to develop latest fintech that can be applied to the banking industry, fostering fintech’s development in Hong Kong.

BOCHK Limited is a leading listed commercial banking group in Hong Kong with strong market positions in all major businesses. It has the most extensive local branch network and diverse service platforms, including about 220 branches, efficient e-channels of over 1,000 self-service machines, Internet and mobile banking services, as well as corporate banking centres. It offers a comprehensive range of financial, investment and wealth management services to personal, corporate, SME and institutional customers.