Kuala Lumpur, Malaysia – Malaysia’s Hong Leong Bank (HLB), has launched its online store on the popular e-commerce platform Shopee, making it the first bank in Malaysia to do so.
Through the Shopee online store, customers can sign up for banking products and services without the need to visit any of the bank’s physical branches. The initiative is part of HLB’s journey in fully providing digital banking solutions to meet the rising digital consumption. Last October, the Bank launched the country’s first fully digital account onboarding through mobile app ‘[email protected]’, which leverages e-Know-Your-Customer ([eKYC]) technology.
Three bank services are currently available on Shopee, namely Hong Leong Basic Savings Account, Hong Leong 3in1 Junior Account, and Hong Leong Pay&Save Account.
“The Bank’s digital-at-the-core strategy has helped in reimagining banking experiences, leading us to focus on a digital growth trajectory to make banking much more accessible and improve customer experiences. The success of eKYC has set the foundation for us to explore new opportunities in better serving customers on digital-only channels,” said Domenic Fuda, group managing director and CEO of HLB.
Meanwhile, Charles Sik, HLB’s MD of personal financial services reiterates that the move towards digital platforms is in response to customer shift to online activities.
“Offering banking products on e-commerce is a natural progression for us as customers shift their spending and consumption behavior online. We are excited to have a presence on this platform where customers can open an HLB account without visiting our other channels. As a start, we are offering bank accounts with other types of banking products coming in the near future,” Sik said.
Galvin Yeo, HLB’s GM for personal financial services for deposits & digital, commented that Malaysians have developed a natural proficiency in navigating e-commerce platforms with the shift to digital and mobile-first lifestyles.
“The banking industry is playing catch up in the digital game considering you can get most essential items online or via e-commerce, [and] we are excited to reach out and serve customers on e-commerce sites. This will also challenge the Bank to constantly update and innovate our offerings to be exciting and relevant,” Yeo said.