DBS Hong Kong and Hong Yip team on property management payments

Source: DBS Bank

Countless cheques are used in Hong Kong every month, burdening individuals & corporates with long processing time, reconciliation work and creating paper waste. DBS Bank (HK) Ltd and Hong Yip Service Company Ltd have partnered to revolutionise the property management industry with a pioneering digital mobile solution for the fast and convenient payment of fees anytime and anywhere.

DBS Bank is the first bank in the world to hold three of the most prestigious global best bank honours at the same time and Hong Yip Service Company Limited is one of Hong Kong’s leading specialist in property and facilities management, both of whom are committed to provide joyful customer experience through digital innovations.

Leveraging DBS’ Application Programming Interface solution, IDEAL RAPID, and the real-time payment functionality of Hong Kong’s Faster Payment System (FPS), Hong Yip’s mobile app allows tenants to pay their property management fees instantly with a simple click, and eliminate the need to manually handle cheques. This means faster turnaround time for collections, improves efficiency, and enables auto reconciliation.

Hong Yip has a proven track record of more than 50 years, and is a wholly-owned subsidiary of Sun Hung Kai Properties, one of the largest Hong Kong property developers. The mobile solution will pioneer to adopt at Victoria Harbour, currently managed by Hong Yip’s affiliated company – Royal Elite Company Ltd, and is expected to roll out to other properties under the management of Hong Yip in order to enhance the customer experience. IDEAL RAPID can also be extended to other services available on the app, such as booking clubhouse facilities, merchandise sale and more.

Alex Cheung, Managing Director and Head of Institutional Banking Group of DBS Hong Kong, said, “We are proud and excited to support Hong Yip with DBS’ cutting-edge solution, IDEAL RAPID, and FPS. Through new and innovative technologies, we are transforming how people access financial services, and helping to set new benchmarks for quality service with joyful and seamless customer experiences.”

Alkin Kwong, Chief Executive of Hong Yip Service Company Limited, said, “We always put customers first and are thrilled to offer FPS to our customers through the support of DBS Hong Kong. We consistently uphold our core value of ‘Serving Customers with Heart’ in offering comprehensive and advanced customer services to our residents.”

DBS introduced IDEAL RAPID to Hong Kong in August 2018, to enable corporate clients to make use of instant banking services on their digital platforms. 

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