HSBC, a financial institution, has introduced an innovative feature for SMEs on Business Internet Banking. This new tool allows users to access and review their bank account information from multiple institutions in one place.

Enhancing Financial Management for Small Businesses

HSBC aims to improve the convenience of financial management and aid informed decision-making among small businesses within the region. By leveraging the Interbank Account Data Sharing (IADS) initiative, HSBC enables commercial customers to grant consent for sharing their account details with other IADS-participating banks.

Through this mechanism, customers can view and download real-time account balances and transaction histories from domestic banks over the last 60 days via a single user-friendly interface on HSBC Business Internet Banking. The bank plans to expand its connections with other banks in phases, indicating an ongoing commitment to enhancing services for SMEs.

According to HSBC studies, about 30% of Hong Kong small businesses are already utilizing Open Banking, and 86% believe it offers opportunities for growth. This underscores the confidence that SMEs have in Open Banking as a key driver for business development.

HSBC has taken a leading role by launching IADS use cases, connecting with 11 participating banks to access customer-consented HSBC deposit account data and support SME credit applications. This initiative is part of HSBC’s broader strategy to assist SMEs in managing their bank accounts efficiently.

The new feature contributes to HSBC’s commitment to supporting the financial needs of small businesses, providing them with a consolidated view of their finances for better oversight and simpler record-keeping. The bank continues to expand its offerings through various data-driven initiatives, including collaborations with third-party data providers such as Octopys, HKTVmall, Dowsure, and Cainiao.