Dah Sing revamps banking platform for SMEs

It combines remote onboarding, business hubs, fee cuts, and an FX debit card.

Hong Kong-based Dah Sing Banking Group Ltd. has upgraded its small and medium enterprise (SME) banking platform, aiming to cut costs and improve payment access for local firms facing tight margins and foreign exchange volatility.

The revamped “328 Business Banking” platform combines remote onboarding, expanded physical SME centres, fee concessions, and a multi-currency debit card, the bank said.

Robin Tse, general manager and head of business banking and direct channels at Dah Sing, said the enhancements address common challenges, including remittance fees, cash flow constraints, and currency fluctuations.

“Last year, our market survey showed about 70% of SMEs identified cost management as their top challenge, followed by cash flow and internal operational efficiency,” he told Asian Banking & Finance.

The Dah Sing Business Multi-Currency Mastercard debit card supports 11 major currencies—Hong Kong, US, Canadian, Australian, New Zealand, and Singapore dollars, pound, euro, yen, renminbi, and Swiss franc—for both online and in-store payments.

The card carries no foreign transaction fees, and is integrated into the 328 Business e-banking and mobile banking platforms.

SMEs can activate automatic foreign currency exchange, set spending limits, report lost cards, and download transaction records directly from the digital channels.

Tse said the bank aims to embed foreign exchange and expense management into daily workflows, reducing reliance on traditional remittances or cheques.

Over 90% of new customers have signed up for online banking services, indicating strong adoption of digital channels.

Remote account opening, a key feature, lets SMEs apply “anytime and anywhere,” cutting what has traditionally been a time-consuming process with conventional banks.

Dah Sing has also expanded its SME-focused branch network to 20 centres—almost half of its Hong Kong locations—enabling account setup in as little as two days.

Fee concessions remain a competitive tool. Tse said they would continue to offer various service fee discounts, including zero spread on foreign exchange and remittances, to help SMEs cut costs and encourage digital transactions.

The bank plans to add artificial intelligence and big data to the platform this year to improve efficiency and service quality.