Hong Kong’s Airstar Bank pilots corporate banking services for SMEs
The pilot trial is open to 100 small and medium enterprises.
Airstar Bank has entered the pilot launch of its corporate banking services for small and medium enterprises (SMEs) through the Fintech Supervisory Sandbox administered by the Hong Kong Monetary Authority, the bank announced in a press release.
The pilot trial is open to 100 SMEs, and aims for greater participation to include SMEs from different sectors.
They can also enjoy full waivers of account opening fee and monthly management fee, Airstar Bank added. They don’t have to worry about maintaining a balance as the streamlined corporate account has no minimum balance requirement.
Chosen participants of the pilot trial will be entitled to a 1% per annum interest rate for the first HK$1m placed at savings deposit account between the start of the trial period and until 31 December 2021. The interest is reportedly 1,000 times higher than business accounts with traditional banks, Airstar Bank claimed.
Participating SMEs can also enjoy an extra reward of HK$1,000 upon successful activation of their corporate internet banking account, and the completion of particular fund transfers with Airstar’s corporate account.
SMEs interested in participating in the regulatory sandbox can register online at Airstar Bank Corporate Banking SME Service website as trial users. Applicants and connected parties who are holding a Personal Banking Account at Airstar Bank can open a “Streamlined Corporate Account” via remote on-boarding service.