Hong Kong Banks and HKMA announce Simple Bank Accounts

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Hong Kong's three note-issuing banks have introduced a new tier of accounts, namely – “Simple Bank Accounts” (or SBAs) for corporate customers to ease the process of opening bank accounts in Hong Kong. 

Approved by the Hong Kong Monetary Authority and derived from traditional bank accounts, SBAs focus on provision of basic banking services such as deposits, withdrawals, local and cross-border fund transfers, etc. The streamlined account opening process of SBAs would offer more choices and better customer experience, particularly for small- and medium-sized enterprises (SMEs), start-up companies and companies from outside Hong Kong which are seeking to establish a presence in Hong Kong.

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