Hong Leong Bank is now on Shopee Mall

Hong Leong Bank’s official store on Shopee is the first e-commerce store offering by a bank, catering to the growth of digital savvy consumers

Hong Leong Bank (“HLB” or the “Bank”) today announced that it has hit a new milestone as the first bank in Malaysia to have an e-commerce platform with the launch of its official store on Shopee Mall. With the launch of this store on one of Malaysia’s most visited e-commerce sites, customers can now sign-up for banking products and services anytime, anywhere without the need to visit physical branches.

HLB’s official store is part of the Bank’s journey in fully providing digital banking solutions to meet the rising digital consumption. In October last year, the Bank launched the country’s first fully digital account onboarding through a mobile app with ‘Apply@HLB’, that leverages on e-Know-Your-Customer (“eKYC”) technology.

According to Domenic Fuda, Group Managing Director and Chief Executive Officer of HLB, the Bank’s digital-at-the-core strategy has helped in reimagining the banking experience for customers. “We have been focused on a digital growth trajectory to make banking much more accessible and improve customer experiences. Hong Leong Bank was proud to seize the opportunity by becoming the first bank in Malaysia to launch our eKYC, offering the first truly digital onboarding experience for Malaysians looking to open a bank account. This has set the foundation for us to explore new opportunities in better serving customers on digital-only channels.”

With e-commerce experiencing tremendous growth of 63% in Gross Merchandise Value (“GMV”) from 2019 to 2020, and expectations that the growth rate will continue with projected year-on-year growth of about 25% p.a. until 2025^[1] in the ASEAN region. Shopee reported a 38 million monthly average visit traffic, thus, making e-commerce a major growth area for the Bank as it continues to expand its digital banking proposition.

Charles Sik, HLB’s Managing Director of Personal Financial Services said, “In line with customers shifting spending and consumption behaviour onto online platforms, offering banking products on e-commerce is a natural progression for us. We are excited to have a presence on a platform where Shopee customers can open a HLB account without having to go to our other channels. As a start, we will be offering bank accounts and will expand with other types of banking products in the near future.”

Echoing Sik’s sentiment on moving to e-commerce as a natural progression, Galvin Yeo, General Manager of Personal Financial Services for Deposits & Digital of HLB added, “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. With 9 out of 10 new digital consumers intending to continue using digital services post-pandemic^[2], we are excited to be able to reach out and serve customers on e-commerce sites. Being on such a competitive platform will also challenge the Bank to constantly update and innovate our offerings to be exciting and relevant enough for them to click and check-out their carts.”

The three bank accounts offered on the Hong Leong Bank official store are specially selected to cater to different customer segments. Parents looking to open an account for their child can choose the 3-in-1 Junior Account which features a savings account, a reloadable debit card and a high interest FD account for young savers below the age of 18. The 3-in-1 Junior Account also comes with Malaysia’s first pocket money app HLB Pocket Connect to help parents teach children good money habits. Salary earners can opt for the Pay&Save, a high-interest savings account with a built-in multicurrency feature. Individuals who would like a fuss-free bank account can opt for the Basic Savings Account.

Meanwhile, Ian Ho, Regional Managing Director of Shopee said, “The financial services sector has always pushed the frontier of Malaysia’s digital economy with its foresight and readiness to venture into uncharted territories. Hong Leong Bank is no stranger in the digital space as they have explored opportunities even beyond the realm of banking, setting up their own CX Lab and running fintech start-ups programmes to help innovate the industry. This is a Bank that is dedicated to a digital future, the same way that we are here at Shopee. That is why Shopee is honoured to have Hong Leong Bank as part of our Shopee Mall to enable a new way for fuss-free banking solutions.”

For more information, please visit the Hong Leong Bank Official Store on Shopee Mall at https://shopee.com.my/hongleongbank.os