Hang Seng Bank (Hang Seng) and Mastercard jointly announced the launch of Hong Kong's first business World Mastercard debit card — the Hang Seng Commercial Multi-Currency Debit Mastercard.

This card is designed to offer commercial customers a more flexible, cost-effective and convenient electronic payment solution, facilitating their digital transformation. It aims to enhance transaction efficiency across daily omnichannel operations, streamline upstream procurement and support the growth of the e-commerce market.

With the advancement of digital technology, 92% of transactions conducted by Hang Seng Commercial Banking customers were completed through digital channels by the end of 2024.

Despite this shift, many local businesses, particularly small and medium-sized enterprises (SMEs), still rely on traditional payment methods, such as cheques and remittances, for their daily operations and procurement. These traditional payment channels often require one to two business days from the bank's processing until the funds are credited.

The newly launched Hang Seng Commercial Multi-Currency Debit Mastercard advances the digitalisation through instant debit, enhancing overall payment efficiency for businesses and aligning with Hong Kong's commitment to promoting electronic payments and digital finance:

• Instant debit: Transaction amounts will be instantly debited from the customer's corresponding currency account, allowing customers to avoid relying on traditional remittance or cheque transactions during procurement and online business expansion,
• significantly enhancing transaction efficiency.
• Secured exchange rates: By pre-exchanging foreign currencies to secure exchange rates, businesses can effectively mitigate the exchange rate risks involved in overseas procurement or online purchases made in foreign currencies.
• Zero transaction fees for payments in 12 designated currencies: Businesses can make fee-free payments at local and international online and offline merchants in 1 designated currencies, effectively saving on foreign exchange costs and earning cash rebates on debit card transactions.

Regina Lee, head of commercial banking of Hang Seng Bank, said, “In recent years, Hong Kong has been at the forefront of promoting digital transformation for businesses. At Hang Seng, we are dedicated to supporting SMEs in enhancing their operational efficiency and exploring new markets through innovative and convenient payment solutions. The launch of the Hang Seng Commercial Multi-Currency Debit Mastercard in collaboration with Mastercard not only streamlines the payment process for businesses and enhances fund management efficiency but also accelerates the digitalisation of our commercial customers. This card empowers them to seize opportunities in the cross-boundary e-commerce market, whether in upstream procurement or expanding their cross-boundary business.”

Helena Chen, senior vice president, general manager, Hong Kong and Macau, Mastercard, said, “Mastercard is proud to launch this market-first business World Mastercard debit card with Hang Seng Bank. Cross-boundary share of the commercial payments market is already reaching around 14% and expected to continue growing rapidly. With a year-on-year growth rate of 60% for commercial cards from 2023-2024, this fully demonstrates the immense development potential of the market. Leveraging its experience with multi-currency debit cards, Mastercard is confident in driving further innovation in cross-boundary commercial payments. This new card is expected to clear the existing barriers in commercial card acceptance, allowing SMEs to focus more on business development.”

Re-disseminated by The Asian Banker