HSBC launches integrated banking account for SMEs

Product provides 33% discount on standard tariffs for selected trade services and 10% for telegraphic transfers.

HSBC on Sunday announced the launch of BusinessVantage Plus, a new all-in-one integrated banking account designed for a growing number of small and medium-sized enterprises (SMEs) in Hong Kong who operate in cross-border trading. With BusinessVantage Plus, SMEs are served by dedicated relationship managers to effectively manage their financial needs and capture business opportunities around the world, according to an HSBC report.

Lena Chan, Managing Director, Head of Business Banking in Hong Kong, said: “We are always committed to supporting the business growth of SMEs, who are crucial to the development of the local economy. Since the launch of HSBC BusinessVantage and Business Direct, we have opened around 136,000 and 82,000 accounts respectively to provide integrated banking solutions to meet the different specific needs of SMEs. BusinessVantage Plus has been launched to align with our strategy to be the leading international business bank.

“We saw an increasing number of SMEs with international banking needs. Our research reveals that 44 per cent of SMEs in Hong Kong are currently involved in cross-border trade or international activities and expects this to increase to 48 per cent in the next two years. With BusinessVantage Plus, we aim to provide SMEs who conduct international business activities with a comprehensive range of international trade support and banking services.”
BusinessVantage Plus offers an all-in-one integrated account covering deposits, investments, insurance, business debit cards and is accessible through multiple channels. The unique account features of BusinessVantage Plus include:

• dedicated relationship manager to provide financing solutions;
• up to 33 per cent discount on standard tariffs for selected trade services;
• up to 10 per cent discount on standard tariffs for inward telegraphic transfers (TT) and online outward TT;
• free alerts on incoming funds via SMS and/or email; and
• secured credit facility of up to HK$10 million.

From now on, new BusinessVantage Plus customers will also enjoy a range of exclusive offers, including:

• 30 per cent discount on fees for inward TT and online-conducted outward TT during the first six months;
• HK$2,000 worth of trade vouchers upon successful trade account opening;
• annual fee waiver for the first year on HSBC Business Card; and
• RMB term deposits rate of 2 per cent for a 12-month tenor.