Editorial

Hang Seng Bank recognised for self-service capabilities and promoting digital experience as it wins Best Payments Bank in Hong Kong at The Asian Banker Transaction Awards Programme 2019

By The Asian Banker

  • Strong performance driven by a range of payment related services
  • A successful mandate for an integrated dealer and distributor of motor vehicles and consumer products, FMCG, healthcare and electronics
  • An innovative collection solution powered by QR code technology

Bangkok, May 30th, 2019— Hang Seng Bank received the award for Best Payments Bank in Thailand at The Asian Banker Transaction Awards 2019. The award ceremony was held in conjunction with the prestigious Future of Finance Summit 2019, the foremost annual meeting for decision makers in the financial services industry in the Asia Pacific region, held at the Shangri-La Hotel, Bangkok, Thailand.



In the picture: Mathew Welch and Bill Chua, International Resource Directors, The Asian Banker; John Wong, Head of Global Liquidity and Cash Management; Hang Seng Bank and Siddharth Chandani, Researcher, The Asian Banker

Strong performance driven by a range of payment related services

Hang Seng Bank provided a large number of products & services from account and deposit management, payments and remittance, collection and receivable, to cross border liquidity management and electronic channel solution. In order to facilitate cross-border payments by customers, the bank went live on SWIFT's global payments innovation service, which provides a fast, transparent and traceable payment service experience. Gross fee income from remittances and account-related services increased by 14%. The bank has continued to invest heavily in digital platforms that leverage latest technologies. For example, it launched BERI, its virtual assistant that is built on AI. It also continued to upgrade e-channel capabilities and improve its POS machine network to make it capable of collecting payments in all forms for retailers. With these products and services, Hang Seng Bank recorded a high incoming value in payments in excess of 20%, high outgoing payments growth rate of 22% and an overall revenue in payments business which grew by more than 15% in the period under review.

A successful mandate for an integrated dealer and distributor of motor vehicles and consumer products, FMCG, healthcare and electronics

Due to different business lines conducted and diverse range of geography coverage, the client, a large dealer in FMCG, electronics and healthcare products faced challenges when operating decentralized cash pools as the available funds could not be automatically shared among the cash pool structures. With consolidated funding backup from banking facility, the existing cash pools structure with an international bank BNP was set up in a traditional centralized model. As a result, the client has to bear indispensable tax due to unnecessary entrustment loan incurred under the vertical sweeping mode.

Hang Seng Bank designed a unique domestic hybrid structure with three layers, combining traditional centralized sweeping structure and a Dynamic Sweeping Generation three structure, helping client to consolidate all these cash pool structures and to be released from higher daily business workload and financial costs.

An innovative collection solution powered by QR code technology

The Hang Seng One Collect system, which was launched in September in 2018, is an innovative QR code-driven POS merchant collection that serves to capture all types of C2B payment channels including credit card, SVF card, WeChat and Alipay. Through this one service, Hang Seng Bank serves major industries, for instance, catering industry, retailing industry, telecommunication industry and taxi industry are under The Hang Seng One Collect provision. The POS system ensures Hang Seng can support all the reports, fund settlement and afterward services to facilitate control effectiveness and efficiency. The launch of Hang Seng One Collect enables merchant customers to manage a diverse range of payment options in a more efficient manner and to reduce their running cost for collecting receivables.

The Asian Banker Transaction Awards Programme, refereed by prominent global bankers, IT consultants and academics, is the most prestigious of its kind in Asia Pacific. Recipients of these awards are honoured in a gala event that recognises their efforts in bringing superior products and services to their customers. A stringent and comprehensive evaluation process determines the awardees. For specific details relating to description of the awards, evaluation criteria and process, kindly visit http://www.asianbankerawards.com/transactionawards/index.php

About The Asian Banker

The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The company is headquartered in Singapore, with offices in Manila, Malaysia, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services, and forums.

You may view all Business Achievement and Bankers’ Choice Awards 2019 photos at https://bit.ly/2WcifTO

For further information on the collaterals for winning banks, please contact:

Mr. Alfred Labicassi

The Asian Banker

Email: alabicassi@theasianbanker.com



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