HK residents can open mainland banking accounts in Hong Kong

Residents of China's Hong Kong Special Administrative Region can apply for mainland banking accounts easily here in Hong Kong, as a new service was launched by Bank of China (Hong Kong) (BOCHK) on Wednesday.

As the development of the Guangdong-Hong Kong-Macao Greater Bay Area moves forward, regulatory approval has been granted by the mainland for the pilot mainland personal account opening attestation service in Hong Kong, in an effort to fulfill the demand for financial services among the Hong Kong residents who travel, work and live on the mainland.

For the Hong Kong citizens looking to open an account, they only need to visit any BOCHK branch with their permanent Hong Kong ID card and mainland Travel Permit for Hong Kong and Macao Residents and fill in account opening documents.

"It took about 15 minutes. Quite convenient," said a Hong Kong resident surnamed Lee, after he completed the application procedures at a BOCHK branch.

Customers may link their mainland personal account to mainland mobile payment applications to enjoy the convenience of digital payments.

Ann Kung, deputy chief executive of BOCHK, said "With the great support from both mainland and Hong Kong regulatory authorities, BOCHK cooperate closely with its parent bank Bank of China (BOC) and their institutions in the Greater Bay Area in introducing the mainland personal account opening service, which allows Hong Kong residents to open mainland banking accounts easily without setting foot outside Hong Kong."

She said "BOCHK will continue to expedite the innovation of cross-border financial products and services in order to fulfill the demand for cross-border financial services among those Hong Kong people who work, live and travel in the Greater Bay Area."

"The bank is set on making positive contributions to the development of the Greater Bay Area into a quality zone for living, working and travelling, as well as a vibrant world-class city cluster," she added.