BEA China: A Digital-First Future for Cross-Boundary Financial Services in Global


Home Technology BEA China: A Digital-First Future for Cross-Boundary Financial Services in Global

The Bank of East Asia (China) Limited (Abbreviation: BEA China) business is sharpening and enhancing its cross- boundary focus on customers’ financial services needs with a differentiated digital strategy.

There is no stopping the growing appetite for cross-boundary financial services in Chinese Mainland, as more enterprises expand overseas, residents travel abroad, and an increasing number of expatriates work and live in Chinese Mainland.

To support these trends, however, many existing banking institutions fall short of meeting the evolving needs and preferences of customers. The functionality of products tends to be homogeneous and the range of digital options that focus on the user experience is limited.

This is where BEA China looks to differentiate itself. Leveraging on the strong global network of Hong Kong parent bank BEA and its extensive experience in global wealth management. BEA China cross- boundary customers can access a variety of products from Remuneration FX, Global remittance, Hong Kong fast remittance, Foreign currency time deposit, Foreign Exchange and other services through multiple online and mobile channels.

Solid foundations have already been laid. BEA China is a leader in Remuneration FX, a product and service that is unique to Foreign-funded Banks in Chinese Mainland. plus it designed a WeChat Mini-Program as part of the project to support prospective customers.

More recently, to target its international clients, Bank of East Asia (China) Co (East Asia China) has built a robust English version of its mobile banking app to offer tailor-made features and content.

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Centennial Bank:Bringing old and new together

East Asia China’s digital journey to date reflects the mantra of transformation that fuels a spirit of innovation within the bank. This enables it to effectively digitise the product offering and enhance the customer experience.

It is a bold objective for a century-old bank originating from Hong Kong, China. Since opening in Shanghai in 1920, BEA’s business in Chinese Mainland has grown steadily into what is now one of the most extensive branch networks of any foreign bank in Chinese Mainland .

Bolstered by establishing BEA China in 2007 as a wholly-owned, one of the earliest foreign-funded corporate banks approved to set up in Chinese Mainland, its broad customer base includes local and International residents, as well as enterprises, across a mix of personal and corporate banking, wealth management and cyberbanking services.

In all these areas, the overarching goal is to optimise and deliver a high-quality digital user experience to customers.

BEA China: Rewriting the digital roadmap

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With its cross-boundary customers in mind, BEA China has spearheaded the latest of its initiatives to deliver a digital-first mindset – via the BEA China Mobile Banking International Version. In short, it is an app designed for the needs of non-resident customers, aiming to provide the ultimate user experience.

Every user interface, function and interaction were refined through an iterative development process incorporating constant user research and feedback. The outcome is a new-look design which is simple yet advanced, including a pop-up dashboard for key transactions, a first for Chinese Mainland market.

Among its notable features, the app can service the typical financial needs of its intended users, such as Global Transfer, FX settlement and sales, foreign currency deposits and Hong Kong express remittances.

A core financial product of the app is “Remuneration FX “, an innovative and exclusive service of BEA China, which provides a mobile and convenient Remuneration FX purchasing service for expatriates working in Chinese Mainland.

At the same time, the bank has launched a new self-managed account opening appointment service this year. Customers can securely submit their account application for pre-approval, schedule a branch appointment to activate their account, and visit a bilingual account manager at a designated branch for greater speed and convenience.

Ultimately, BEA China is adamant that greater levels of digitalisation will enable the bank to capitalise on the potential it sees from cross-border opportunities as the GBA advances financial interconnection, innovation and technology cooperation. In the future , BEA China will keep working towards its goal of becoming a digital bank of excellence.

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