New Digital Commerce Platform Introduced by Major Malaysian Banking Group HLB to Meet Growing Demand for Online Services

Hong Leong Bank Berhad (MYX:5819), a major public listed banking group in Malaysia, has revealed that it’s launching a digital commerce platform that will offer an official store on Shopee Mall.

This should allow HLB’s clients to sign up for various banking products and services without having to visit physical branch locations.

Digital commerce has experienced considerable growth during the past year. Shopee reported a 38 million (monthly average) visitor traffic. It has reportedly become one of the most visited digital commerce websites in Malaysia, making e-commerce a key growth area for HLB as the institution continues to expand on its digital banking strategy.

HLB’s management noted that the banking sector is having to play catch up in the digital services space, given that you can acquire most essential items online or through other e-commerce services. With 9 out of 10 or 90% of new digital consumers planning to use online services in a post-COVID world, HLB intends to reach out and serve clients on e-commerce portals.

Domenic Fuda, Group Managing Director and CEO of HLB, stated:

“The bank’s digital-at-the-core strategy has helped in reimagining banking experiences, leading us to focus on a digital growth trajectory to make banking much more accessible and improve customer experiences. The success of eKYC has set the foundation for us to explore new opportunities in better serving customers on digital-only channels.”

Charles Sik, HLB’s MD of Personal Financial Services, remarked:

“Offering banking products on e-commerce is a natural progression for us as customers shift their spending and consumption behaviour online. We are excited to have a presence on this platform where customers can open a HLB account without visiting our other channels. As a start, we are offering bank accounts with other types of banking products coming in the near future.”

Southeast Asia region countries including Malaysia experienced significant digital commerce growth and online payments adoption by consumers, according to a new report.

The gig economy is also growing rapidly in Malaysia but more inclusive financial services are needed, according to industry professionals.