The Paypers

The remote account opening system follows on from HSBC’s mobile account opening service for its retail customers that debuted in December 2019, and it will allow small businesses to open an account without face-to-face meetings at a branch or submitting physical documents or signatures. SMEs will be able to obtain a bank account number and verify their identity using the bank’s mobile app, but it will take two to five days for the account to be activated, according to South China Morning Post.

The service uses facial recognition to verify a person’s identity against their documentation, which is authenticated using a combination of artificial intelligence and machine learning. HSBC will initially offer this new account opening process to Hong Kong SME customers that have been in business for less than three years, and have a simple company structure, which account for 80% of its monthly sign-ups, the bank said.

HSBC launches digital account sign-up process for SMEs in Hong Kong