20 January 2025

HSBC launches attestation service for opening HSBC China GBA CNY Type II settlement account

Hong Kong Residents Can Open Account Without Travelling to Mainland China

HSBC Hong Kong is excited to announce a new service that makes it easier for Hong Kong residents to open a bank account in mainland China for their cross-boundary banking and consumption needs. Starting 20 January 2025, eligible HSBC Hong Kong individual customers will be able to remotely apply an HSBC China GBA CNY Type II Settlement Account via the in-branch attestation service provided by HSBC Hong Kong.

This initiative responds to the growing demand for cross-boundary banking solutions among Hong Kong residents in the Greater Bay Area, which not only allows customers to get access to the popular mainland China mobile payment apps through HSBC China GBA CNY Type II Settlement Account, but also enhances their overall banking experience, making transactions smoother and more efficient.

The attestation service is available to customers aged 18 years or above with valid identification, such as Hong Kong Permanent Identity Card, or Mainland Travel Permit. Applicants may make an appointment at any of the 22 designated HSBC Hong Kong branches.

Maggie Ng, Head of Wealth and Personal Banking, Hong Kong, HSBC, said, ”We are committed to providing the best cross-boundary banking experience for our customers. This account opening attestation service enables our customers to open a China account without visiting mainland China. With the trend to travel to mainland GBA cities on the rise and customers’ preference on payment options shifting to mobile, our new service offers a reliable and convenient way for them to manage their everyday finances with ease.”

HSBC’s latest survey1 on Hongkonger’s payment habit in mainland China finds that mainland mobile payment apps are one of the most frequently used payment method among Hong Kong respondents2, accounting for 28 per cent of total transaction volume.

About two-thirds of respondents believed that having a mainland bank account would provide more convenience for them travelling in mainland China, more than half of them expressed interest in opening a GBA Type II Account with a bank in mainland China to access to the popular mainland China mobile payment apps. However, almost 70 per cent respondents are unwilling to travel cross border for account opening.

Opening HSBC China GBA CNY Type II Settlement Account is free of charge and requires no minimum balance. Customers may enjoy a maximum daily transfer in, deposit and payment limit of RMB10,000, and a maximum annual quota of RMB200,000. Customers may make transfer to their GBA Type II Account using HSBC HK Mobile Banking App or online banking anytime anywhere.

Note to editors:

  1. In September 2024, HSBC interviewed 551 HSBC Hong Kong customers to understand their preference and payment behaviour when travelling in mainland China.
  2. Referring to respondents who have visited mainland China in the last 12 months.
  3. HSBC Hong Kong is providing the attestation service only at its customers’ request to assist their applications to open an account with HSBC Bank (China) Company Limited (“HSBC China”). The attestation service provided by HSBC Hong Kong does not constitute an advertisement or invitation on behalf of HSBC China to make a deposit or enter into any agreement to make a deposit.
  4. HSBC China was incorporated in mainland China and carries on its principal place of business in mainland China. HSBC China is not an authorized institution within the meaning of the Hong Kong Banking Ordinance. HSBC China does not carry on banking business in Hong Kong and does not have a local representative office in Hong Kong. HSBC China is not subject to the supervision of the Hong Kong Monetary Authority. Any deposit in HSBC China will not be protected by the Hong Kong Deposit Protection Scheme. As of 31 December 2023, HSBC China’s paid-up capital and reserves are RMB60.6 billion.

The Hongkong and Shanghai Banking Corporation Limited

The Hongkong and Shanghai Banking Corporation Limited is the founding member of the HSBC Group. HSBC serves customers worldwide from offices in 60 countries and territories. With assets of US$3,099bn at 30 September 2024, HSBC is one of the world’s largest banking and financial services organisations.