More and more SMEs are choosing to open corporate accounts with digital banks. What are the benefits of opening a business account with a digital bank? Is it easier to open a business account than traditional banks? In this article, we provide you with a comparison of 6 digital bank company accounts, which will help you understand the main services, account opening requirements, fees and account opening process of each bank.
If you want to open a company account to handle your business operations, KPay new customers can open a Fast Payment Account in just 2 working days, and during the promotion period, you can even open an account with a package fee of HKD 1,200, and at the same time, you can enjoy T+1 settlement service, free handling fee for the first 250 transfers (valued at HKD 1,250), and even lower handling fee for transferring funds by FPS / ACH during the promotion period. Don't forget to check at the end of the promotion period to claim the offer.
A digital business account is a business account service provided by Digital Banking. SMEs can manage these corporate accounts through online or mobile applications. Digital Banking Corporate Accounts not only support online account opening, but most of them also provide digital financial services and low account opening thresholds to facilitate SMEs to make payments, transfer funds and manage funds.
1. Simpler account opening process
When applying for a company account, both digital and traditional banks will require the submission of business registration certificate, proof of company address, identity documents and other necessary documents to open an account. However, the process of opening a digital bank account is simpler and faster. Usually, all you need to do to open a digital bank account is to fill out the online application form and submit the specified documents, and complete the identity verification process to open an account, which makes the account opening process relatively simple, and eliminates the need to take time out of your day to visit a bank branch to participate in the background checking of the account opening.
2. Lower account opening costs
Traditional banks usually charge higher account opening fees, monthly service fees, and minimum deposit requirements based on the type of business and expected account activity, usually ranging from HKD 50,000 to HKD 1 million. On the contrary, digital banks usually charge no or lower account opening fees, and offer more competitive transaction fees, no minimum deposit requirement and no monthly service fee, which is particularly suitable for smaller SMEs in need of business account services, even online stores can apply. It is particularly attractive to start-ups or businesses with limited capital.
3. Scope of banking services
Digital banking services are usually provided through online platforms and mobile applications, which allow users to conduct transactions and enquiries via the internet or cell phone at any time and from any location. Digital banks offer basic banking services such as fund transfers, cross-border remittances, deposits and withdrawals. Some digital banks also offer other functions such as investment services and loan applications, with the scope of services becoming increasingly similar to that of traditional banks. For SMEs with limited capital and less complex service needs, the services provided by digital banking company accounts are sufficient to meet their daily business needs.
1. Business needs
It is important to choose a digital bank that suits your business needs. SMEs can study the reputation of different digital banks, their service scope, service fee schedules, ease of use of online banking platforms, etc. to choose a reliable digital bank that meets their business needs.
2. Security and privacy protection
Digital banks should have good security and privacy protection measures. Learn about their security protocols, data encryption methods, and identity verification procedures to ensure that the bank is able to protect your company's account funds and personal information.
3. International expansion
If your company is involved in international business and needs to make cross-border remittances and exchange foreign currencies on a regular basis, you need to find out whether the digital bank offers cross-border remittances, multi-currency accounts, foreign exchange transactions, etc. and compare the handling fees for these services between different digital banks.
4. Customer support and services
It is also important to know whether the digital bank provides good and timely customer support services. For example, the availability of multiple customer support channels, response time and problem solving capabilities can save time and ensure that problems are handled in a timely manner.
Bank | Account opening offers |
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KPay Fast Payment Account | New customers can enjoy T+1 settlement cycle, up to 0.1% uncapped transaction fee rebate*, 250 free HKD transfers (valued at HKD 1,250) and lower transfer handling fee upon account opening during the promotion period. *Terms and conditions apply. |
Livi Bank | NA |
ZA Bank | From now until 18 Jun 2025, you can enjoy up to 4% p.a. time deposit interest rate + 50% foreign exchange rate discount by collecting the coupon at the designated webpage after successfully opening a bank account online. |
PAOB | NA |
Ant Bank | NA |
Fusion Bank | NA |
Airstar Bank | NA |
Institutions | Account opening fee | Company search fee | Minimum deposit | Other fee |
KPay Fast Payment Account | Welcome Offer with package fee of HKD 1,200 to open an account and enjoy: 1. Unlimited transaction fee rebate of up to 0.1%. | Waived | Waived | Transfer feee: as low as HKD 4 |
livi Bank | HKD 1,200 Extra costs may apply for special cases | Included in the account opening feee | HKD 500 | Transfer fee: HKD 3 - HKD 25 |
ZA Bank | HKD 1,200 Extra costs may apply for special cases | HKD 300 | Waived | Transfer fee: HKD 0–HKD 50 |
PAOB | Waived | Waived | Waived | Paper statement: HKD 100/1 |
Ant Bank | Waived | NA | Waived | / |
Fusion Bank | HKD 1,200 Extra costs may apply for special cases | HKD 200 | Waived | Transfer fee: HKD 0 - HKD 50 |
Airstar Bank | Streamlined Corporate Account: HKD 850 Standard Corporate Account: HKD 1,500 - 8,000 | HKD 150 | Waived | Transfer fee: HKD 0 – HKD 250 |
Institutions | Account opening time |
---|---|
KPay Fast Payment Account | as fast as 2 working days |
Livi Bank | as fast as 1 working days |
ZA Bank | as fast as 1 working days |
PAOB | Not stated |
Ant Bank | as fast as 3 working days |
Fusion Bank | as fast as 1 working days |
Airstar Bank | as fast as 2 working days |
Institutions | Account opening fee |
KPay Fast Payment Account | Welcome Offer with package fee of HKD 1,200 to open an account and enjoy: 1. Unlimited transaction fee rebate of up to 0.1%. |
livi Bank | HKD 1,200 Extra costs may apply for special cases |
ZA Bank | HKD 1,200 Extra costs may apply for special cases |
PAOB | Waived |
Ant Bank | Waived |
Fusion Bank | HKD 1,200 Extra costs may apply for special cases |
Airstar Bank | Streamlined Corporate Account: HKD 850 Standard Corporate Account: HKD 1,500 - 8,000 |
KPay Fast Payment Account
Main services
1. T+1 settlement service, cash to account the next day, ensuring flexible and autonomous fund management.
2. Transfer and remittance support in 15+ currencies to local and many countries and regions, with the fastest arrival on the same day.
3. One-stop billing process and management, together with payment management function for one-stop bill processing
4. Intelligent financial data analysis and automated reporting, you can download all kinds of transaction records and monthly reports at any time.
5. Real-time customer service support, 365 days 10AM-10PM to provide real-time customer service support.
Account opening fee
Welcome offer of HKD 1,200 to open an account and enjoy:
1. Unlimited transaction fee rebate of up to 0.1%.
2. T+1 settlement for upgrades
3. 250 free HKD transfers (worth HKD 1,250)
4. HKD FPS / ACH transfer to enjoy lower handling fees
Account opening process
1. Existing KPay merchant account login to KPay App.
2. Click the “Open Express Payment Account” banner on the “Overview” or “Payment” page.
3. Read and agree to the terms and conditions.
4. Successfully submit the application
Account opening time
1. 3 steps, as fast as 10 seconds to complete application
2. As fast as 2 working days for approval
Other service charges
1. No minimum deposit requirement, monthly service fee or hidden charges.
ZA Bank
Main services
1. Preferential foreign exchange services for small and medium enterprises (SMEs)
2. Small Business Loan up to HKD4 million for businesses established for 1 year or more.
3. provide Global Payments x ZA Business Loan, selected customers can apply for a bank loan quickly
4. Provide Hong Kong Dollar, Renminbi and US Dollar time deposits, allowing customers to set up time deposits 24/7 with a variety of deposit periods and stable returns.
5. Convenient fund transfer and payment services, including local transfers (FPS / CHATS) and cross-border remittance, with preferential rates.
Account opening fee
1. Application Fee: HKD 1,200 (Additional account opening fee may be incurred for special company types)
2. Company Search Fee: HKD 300
Account opening time
1. Maximum 6 minutes to complete the account opening application, no need to meet and submit documents. 2.
2. Maximum 1 working day for account opening, complete the whole process online.
Business account service charges
1. Inward remittance via Clearing House Automated Transfer System (CHATS): HKD 15
2. Remittance to other bank accounts via Clearing House Automated Transfer System (CHATS): HKD 50
3. Outward remittance via “Express Transfer”: HKD 1 (Transaction amount below HKD 1,000,000); HKD 10 (Transaction amount above HKD 1,000,000)
4. Inward remittance via MoneyGram (Non-Commercial): Waived
5. Inward remittance via Speedpay (merchant): 0.6% of transaction amount
livi Bank
Main services
1. 24-hour fast approval
2. Application processed by cell phone, no need to submit documents at branches.
3. Provide livi Business time deposits with an interest rate of approximately 3% per annum for HKD deposits.
4. offer HKD, RMB and USD demand deposits
5. Provide FPS local fund transfer service
Account opening fee
1. Application Fee: HKD 1,200 (Additional account opening fee may be incurred for special company types)
2. HKD 300 company search fee is included in the basic account opening fee.
Account opening procedure
1. Download livi app, switch to livi business and click open account.
2. Open a live save account and perform identity verification.
3. Fill in the application information, including company information, company members and authorization information, company business and financial information.
4. livi bank will review the application and notify the customer when it can be activated.
5. Pay the application fee, if the company belongs to the special company category, additional fee is required, if no additional fee is required, you can use the business account immediately.
Account opening time: as soon as 1 working day
Business account service charges
1. Transfer to other local banks by “Real Time Gross Settlement (RTGS): HKD 25
2. Transfer to other banks via Express Transfer: HKD 3 (transaction amount below HKD 1,000,000); HKD 15 (transaction amount above HKD 1,000,000)
3. Transfer from other local banks to livi bank account via MoneyGram / Real Time Gross Settlement (RTGS): Waived
PAObank
Main services
1. No minimum deposit requirement
2. 0.1% preferential savings interest rate per annum
3. Protected by Deposit Protection Scheme (around HKD 500,000)
4. 7x24 account opening via mobile apps
5. Free local fund transfer fee for FPS
6. Provide a wide range of SME services such as One Easy Loan, Rong Yi Loan, Business Installment Loan, Business Revolving Loan, Business Short-term Loan, SME Financing Guarantee Scheme, etc.
Account opening fee: Waived
Account opening process
1. Download “Ping An OnePay Enterprise” App.
2. Enter and verify your mobile phone number.
3. Set up username and login password
4. Take 3 photos of your HKID card from different angles with your mobile phone for authentication.
5. Follow the instructions to take a selfie for identity verification.
6. Fill in and confirm your personal information.
7. Send QR code to company directors and shareholders for data confirmation, and the application will be completed after confirmation.
Account opening time: NA
Business account service charges
1. Inward or outward remittance fee via FPS: Waived
2. Inward or outward in-house remittance fee: Waived
Ant Bank
Main Services
1. 0.3% p.a. interest rate on demand deposits
2. Dual Currency Account can support HKD and USD deposits and fund transfers at the same time.
3. Unsecured Loan, you can apply for up to HKD 5,000,000 loan without any collateral or application fee.
Account opening fee: Waived
Account opening time: As soon as 3 working days
Business account service charges
1. Inward or outward remittance fee via FPS: Waived
2. Inward or Outward Remittance Fee via Real Time Gross Settlement (RTGS): Waived
3. Internet banking application fee and monthly fee: Waived
Fusion Bank
Main services
1. Commercial accounts combining Hong Kong Dollar (HKD), Renminbi (CNY) and US Dollar (USD) savings and time deposits.
2. Provide savings deposits, time deposits, local transfers (FPS/CHATS), cross-border remittances
Account opening fee
1. Application fee: HKD 1,200
2. Company search fee: HKD 200
Account opening procedure (Online account opening)
1. Go to the website of Fusion Commercial Bank and click “Apply now” to access the Business Account Opening Platform.
2. Fill in the basic information and upload relevant supporting documents.
3. Log in to your personal account on behalf of the company's related person and perform face verification.
4. Fullerton Bank will contact you to verify your company's basic information.
5. After completing the face verification, we will wait for the result and inform you via SMS and email. If the account is successfully opened, you can download the Account opening confirmation letter from the Business account opening platform.
Account opening time
After submitting the application and all required documents, and completing the face verification, the account can be opened within 1 working day at the earliest.
Business account service charges
1. Payment collection fee via FPS: Waived
2. Payment fee via FPS: Waived (transaction amount below HKD 1,000,000), HKD 10 (transaction amount above HKD 1,000,000)
3. Payment via CHATS from other banks to Hong Kong Unison Bank account: Waived
4. Remittance via CHATS to other bank accounts: HKD 15
5. Inward cross-border remittance charge: Waived
6. Outward cross-border remittance charge: HKD 50 (plus intermediary bank charges)
Airstar Bank
Main services
1. No face-to-face account opening, no business proof required, no fee for unsuccessful account opening
2. Provide multi-currency savings account
3. Hong Kong Dollar/US Dollar/Renminbi accounts available
4. protected by Deposit Protection Scheme
5. Provide a wide range of deposit periods, HK$1,000 time deposit amount
Account opening charges
1. Streamlined Corporate Account: HKD 850
2. Standard Corporate Account: HKD 1,500 - 8,000
3. Company search fee: HKD 150
Account opening procedure
1. Download Star Bank mobile app and apply for a corporate bank account.
2. Complete and submit the corporate account opening form via email.
3. The bank will send an email to the applicant and provide the relevant account opening procedures.
4. Bank can open the account within 48 hours at the earliest and send a confirmation notice to the applicant so that he/she can experience the corporate account.
Account opening time: within 48 hours
Business account service charges
1. Transfer fee via FPS: Waived
2. Remittance service fee via Real Time Gross Settlement (RTGS): HKD 50-250/CNY 50 - 250/USD 8 - 35
3. Remittance service fee via telegraphic transfer: HKD 80 - 380/CNY 80 - 380/USD 12 - 50
銀行 | Unlimited company (Sole proprietorship) | Unlimited company (Partnership) | Limited company |
---|---|---|---|
KPay Fast Payment Account | Submit application via KPay App, existing KPay merchants do not need to submit extra document | ||
livi Bank | 1. The company is registered in Hong Kong 2. All relevant users must hold a Hong Kong Identity Card or Mainland Resident Identity Card and have a liviSave account. 3. The company is a sole proprietorship, partnership or limited company with a single-tier structure. 4. You are the beneficial owner, director or ultimate controller of the company. | ||
ZA Bank | 1. Must be a company registered and operating in Hong Kong. 2. the sole proprietor must have a Hong Kong Identity Card 3. Taxation jurisdiction is in Hong Kong only. 4. the sole proprietor must be aged 18 years or above | ||
PAOB | 1. the company is incorporated or registered in Hong Kong 2. the directors or shareholders of the company are not any company or organization 3. the company is not a financial institution, an international organisation, a listed company or its associated companies, a government and government-related organisation, a central bank, a non-governmental organisation, a body corporate, or a public body. | ||
Ant Bank | 1. Sole proprietorships, partnerships and limited companies registered and operating in Hong Kong for at least 1 year. 2. Principal shareholders holding Hong Kong Identity Cards with valid credit (TU) records. | ||
Fusion Bank | 1. the entity must be a sole proprietorship, partnership or limited company with a single-tier structure registered in Hong Kong 2. up to 8 company associates, such as sole proprietors, partners, beneficial owners, directors and persons who appear to be acting on behalf of the customer (e.g. authorized signatories, authorized administrators and auditors of commercial Internet banking users), all of whom must be holders of Hong Kong Identity Cards and the Bank's Personal Accounts | ||
Airstar Bank | 1. unlisted Hong Kong companies with single-tier structure 2. SMEs with fewer than 50 employees or with an annual turnover of not more than HK$800 million. 3. all relevant persons are Hong Kong Identity Card holders 4. the applicant, principal beneficial owners (for limited companies) or partners (for partnerships) and authorized and appointed persons must be StarBank Personal Account holders. 5. if the Customer fails to fulfill the conditions for opening a Simplified Corporate Account, the Bank will open a Corporate Account for the Customer using the Standard Account Opening Procedure. |
KPay understands the difficulties faced by small and medium-sized enterprises, and has launched a new fast payment account, which not only provides more comprehensive services than a virtual bank, but also has a one-stop merchant operation management platform and rich welcome offers. With no minimum deposit requirement and no hidden fees, your business operations will be easier and more comfortable. 10 seconds to complete the application process and no waiting time at the beginning, making the management of funds more flexible and autonomous! Open an account now and enjoy the following privileges:
⭐️ Handling fee rebate for the first 250 transfers (worth HKD 1,250)
⭐️ Enjoy lower handling fee for FPS / ACH transfer
⭐️ Upgrade to enjoy T+1 settlement
KPay Fast Payment Account | Other digital banks | |
Account management | Existing KPay merchants can open an account in the KPay App without submitting additional documents. 3 steps are required and the application can be completed in as fast as 10 seconds. | Required to submit business registration certificate, company address proof, identity document and other necessary documents to open an account. |
Supporting features | Connect to Bank: merchants can manage all accounts on our platform | Merchants need to check the account records of different banks one by one. |
Customer support | KConnect is a one-stop merchant management platform that provides a full range of operational tools such as POS system, accounting system and member management system to support merchants' operational needs. KFund provides merchants with various financing solutions to help them solve cash flow problems and expand their business. | Online payment and banking services only |
Account opening proc edure | 365 days a year (10AM - 10PM) live customer service support | Need to go through multiple stages |
Click the “Start now” below to learn more!