How BOCHK empowers entrepreneurs with customised business banking solutions
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Bank of China (Hong Kong) (BOCHK) is committed to helping small and medium-sized enterprises (SMEs) navigate the ever-changing business environment and market landscape. In this story, five accomplished entrepreneurs from diverse industries share their valuable insights on how the bank plays a crucial role in supporting their entrepreneurial journeys.
Supporting businesses at every stage
“At BOCHK, we provide a comprehensive suite of business banking services designed to support businesses at every stage of their development,” says Elsie Gung, deputy general manager, personal banking and wealth management at BOCHK.
“Our offerings include convenient remote account opening, iGTB NET Corporate Internet Banking, iGTB MOBILE App, BOC Connect, and 7x24 online loan applications.”
Specifically, BOC Connect is an all-in-one enterprise information platform that gathers local, Greater Bay Area and Southeast Asian business information, enabling SMEs to stay up to date with the latest market trends across the region while expanding their business horizons.
BOC Connect also includes a "Business Matching" feature, which allows users to connect with potential partners, fostering collaboration and creating new opportunities, according to Gung.
Venus Chi is a multi-talented entrepreneur wearing many hats. Not only is she an artist and singer, but she is also the founder and CEO of Bakebe, a self-service co-baking studio that was established in 2018.
Chi started Bakebe after a negative baking class experience. She brought the self-service bakery model from Taiwan to Hong Kong, allowing customers to use an app with video recipes to bake.
Remarkably, Bakebe was able to reach break-even point within just eight months. The founder has ambitious plans to make it a global brand by expanding into Southeast Asian markets such as the Philippines and Malaysia. Furthermore, there are plans to expand into the US and Canada.
Chi understands the importance of networking, and as such, she leverages BOCHK's "BOC Connect" platform to help Bakebe discover new collaboration opportunities.
To expand Bakebe into new markets, Chi also makes use of the bank’s remote account opening service, which enables hassle-free corporate account opening in just three simple steps, regardless of location or time.
"BOCHK's one-click remote account opening and seamless app connectivity give me the head start I need to pursue my dreams,” she says.
Albert Lam founded Novelte Robotics in 2019 during Covid. As an engineer, he recognised the increasing acceptance of robotics technology, which motivated him to found his company. To date, his firm has developed robots for food delivery, customer service and security patrol deployed in hospitals, malls, hotels, restaurants, banks and schools.
To support the firms’ ongoing innovation efforts, Lam has secured sufficient funding for his firm through the bank’s SME Financing Guarantee Scheme. This scheme provides an 80% credit guarantee specifically for innovation and technology loans.
"Start-ups are fuelled by funding, much like how robots rely on electricity for operation. Thanks to BOCHK’s 7x24 online loan application, I could bring my visionary ideas to life and ensure my robots are always powered, enabling me to realise my dreams."
Fashion icon Mayao embarked on his entrepreneurship journey at the tender age of 23. In 2012, he established the production agency Fame Glory. Despite his youth, he already boasts 11 years of experience in successfully managing his own business.
As a first-generation slasher, Mayao has ventured into various industries, including a cake shop, fashion boutique, and an artist management company. In May of this year, he opened Gym Town Fitness, an 8,000-square-foot high-end fitness centre.
As an entrepreneur always on the go, Mayao relies on BOCHK's iGTB NET Corporate Internet Banking and iGTB MOBILE App for seamless account management while working remotely.
Through this app, he can effortlessly handle remittances, transfers, foreign exchange, and even payroll no matter where he is. Even while attending Fashion Week overseas, he can remotely process payroll, ensuring the smooth operation of his companies.
"My banking services must be able to keep up with my fast pace. iGTB Corporate Internet Banking and mobile app help manage my companies remotely, from handling remittances, transfers, foreign exchange, to processing payroll,” he says.
With over four decades of F&B industry experience, Tony Ng has seen it all.
Starting as an executive chef, he ventured into entrepreneurship in 2003 and founded QQ Rice. Throughout his career, Tony has constantly adapted to the ever-changing industry landscape, ensuring his operations remain at the forefront of trends and innovation.
QQ Rice has experienced rapid expansion, opening over 30 branches in just two years, and gaining popularity throughout the territory. Recognising the increasing trend of electronic payments, Ng made the decision to digitally transform QQ Rice to meet the growing consumer preference for digital transactions.
He has developed smart vending machines for rice rolls as a replacement for physical stores. Currently, these vending machines can be found in major hospitals, universities, shopping malls and other locations.
In more recent years, Ng has also introduced to Hong Kong the YaoYao franchise, which is one of mainland China's largest restaurant networks known for serving pickled fish.
As a tech-savvy entrepreneur, Ng is making the most of the BoC Bill Integrated Billing Service. By integrating it with a single point-of-sale (POS) system, Ng can effectively monitor and manage daily transactions, including contactless and QR code payments, across his business network.
The streamlined payment system simplifies the payment process and allows for real-time account reconciliation. This saves time on manual reconciliation and helps to reduce operating costs.
"Customer preferences are key in the F&B industry. BoC Bill enables us to offer multiple payment options, improving customer service and saving time and costs through real-time account reconciliation," he says.
Stephen Tsoi co-founded iMeddy in 2021, an "Internet + Medical" platform aiming to revolutionise the healthcare industry in Hong Kong. With a background in engineering and fintech, Tsoi recognised the transformative potential of technology in the healthcare sector.
The iMeddy platform currently connects over 300 doctors, offers video consultations, medicine delivery, and collaborates with 60 partners across the healthcare industry. During Covid, iMeddy provided free video consultations for patients tested positive and expanded its services to the Greater Bay Area.
With the integration of BOCHK's iGTB NET Corporate Internet Banking and ERP cloud accounting services, Tsoi now has access to a comprehensive cloud-based financial accounting management solution.
This all-in-one service includes features such as financial statements, a general ledger, accounts receivable and payable, and other enterprise management accounts. These features help him save manpower and costs.
"BOCHK's iGTB NET Corporate Internet Banking and ERP cloud accounting provide an all-in-one solution that helps me stay in control of my company's financials, no matter the size or complexity of the business,” he says.
