Accelerating Digital Transformation with Eyes on Greater Bay Area
Chong Hing Bank formed digital transformation teams to extend its tech advantages and further penetrate the Mainland China market.
Started as a local Chinese-funded bank in 1948 and having been a public listed bank since 1994, Chong Hing Bank has adopted a business approach characterised by steady growth and development. Together with its subsidiaries (including Chong Hing Securities Limited and Chong Hing Insurance Company Limited), Chong Hing Bank provides comprehensive commercial banking and financial services, including deposits in local and foreign currencies, credit, foreign exchange, wealth management, investment, securities and insurance.
With a solid foundation in Hong Kong for over 70 years, Chong Hing Bank has flourished in the local market thanks to its extensive experience in finance and wealth management. In 2014, the Bank became a member of Yuexiu Group, a Guangzhou based state enterprise, and has continued to actively expand its business in the Mainland riding on its strong local foundation. In recent years, the Bank has brought in new strategic shareholders including Guangzhou Metro and Guangzhou Automobile Group to strengthen its capital base, cater for the needs of its development and enhance its diversified connections in the Mainland.
According to Jianxin Zong, Chief Executive of Chong Hing Bank, with the support of its main shareholder Yuexiu Group in both Guangdong and Hong Kong, the Bank has been focusing on its network expansion in the Mainland China market. Digital transformation teams were established in Hong Kong and Shenzhen to develop cross-border collaboration and FinTech development application in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).
“With the continuous demand for FinTech applications, we will integrate our traditional business with technology by continuously optimising our eBanking services and improving customer experience,” Zong said.
Seizing opportunity in the GBA with Complementary Advantages
As part of its expansion strategy, the Bank has set up a GBA Development Office. Zong remarked, “Hong Kong is the most open and international city in the region which has a unique social, economic and legal system under ‘One Country, Two Systems’. Complemented by the systems in Mainland China, this will help unlock the potential in the GBA.”
“Hong Kong has an open business environment; a sound and independent legal system; a flexible labour market; a simple and low tax regime; solid regulatory systems that comply international standards; and convenient facilities,” he said. “All of these can facilitate foreign companies to set up regional headquarters and office in the city, driving a vibrant development for industries of all kinds.”
He added that the city’s advantages can also attract and retain high quality professionals. The Bank has been enhancing its internal talent pool by restructuring and reengineering, optimising the values of each working unit. Chong Hing Bank will continue to build up its talent and resource pool in online banking and other business areas.
Zong concluded, “companies that are keen to set up in Hong Kong need to understand the local regulatory systems, setup costs and competitive advantages. Besides, they may take advantage of the availability of local talents and leverage on the unique strengths of Hong Kong as a gateway to enter the Mainland market.”
- Chong Hing Bank currently has more than 30 branches in Hong Kong, and branches in Guangzhou, Shenzhen, Shanghai, Shantou and Macao
- Chong Hing Bank currently has around 1,500 employees in Hong Kong
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