Chong Hing Bank Limited

Chong Hing Bank Limited is a long-established Hong Kong commercial bank known for its Hong Kong-rooted heritage and expanding regional presence. Founded in 1948 as Liao Chong Hing Bank, the bank was acquired by Chinese state-owned Yuexiu Group in 2014 and became an important part of its financial sector. The following is a comprehensive introduction to Chong Hing Bank, covering its basic information, deposit and loan products, digital services, technological innovation, unique services and market position.

basic information of the bank

• bank type: commercial bank, is now a member of Yuexiu Group (a Chinese state-owned enterprise).

• Full name: Chong Hing Bank Limited.

• Founded: 1948.

• Headquarters location: 24 Des Voeux Road Central, Chong Hing Bank Centre, Central, Hong Kong.

• Shareholder background: Originally controlled by the Hong Kong Liao family, on February 14, 2014, Yuexiu Financial Holdings Co., Ltd. (a wholly-owned subsidiary of Yuexiu Group) acquired 75% of its shares, and the remaining shares are held by other shareholders. The bank was listed on the Hong Kong Stock Exchange in 1994 (stock code: 1111) and was delisted on 30 September 2021 due to the privatization of Yuexiu Group.

• Regulation & Compliance: As a licensed bank in Hong Kong, Chong Hing Bank is strictly regulated by the Hong Kong Monetary Authority (HKMA) and is required to comply with international financial standards to ensure operational transparency and the safety of customer funds.

deposit and loan products

depositsChong

Hing Bank provides a variety of deposit products to meet the needs of individual and corporate customers. According to the data as of July 25, 2018 (the latest public data, the actual interest rate may change, please contact the bank for confirmation), the current deposit interest rate is as follows:

• HKD: 0.0250% p.a

.

• RMB: 0.0350% p.a

• Australian Dollar: 0.0500% p.a

• Canadian Dollar: 0.0050% Annual Interest Rate

• British Pound: 0.0050% Annual Interest Rate

• New Zealand Dollar: 0.0500% Annual Interest Rate

• USD: 0.0100% Annual Interest Rate
  Time deposits are available in multiple currencies (HKD, USD, RMB, etc.) with deposit amounts ranging from HKD5,000 to 50 million, USD1,000 to 6,000,000, and RMB5,000 to 50,000,000 RMB, with tenors ranging from 1 day to 24 months. Customers can check the "cloud interest rate" through Chong Hing Bank's Internet Banking or Mobile Banking. Featured products include high-yield savings accounts and CDs, but you will need to check with your bank directly for specific interest rates.

loansChong Hing Bank provides a comprehensive range of loan products, covering home loans, car loans and personal lines of credit:

• housing loans: Provision of residential mortgage loans, sandwich class housing schemes, sale of public housing schemes and HOS loan schemes. The interest rate is based on the Hong Kong Interbank Offered Rate (HIBOR) or the benchmark interest rate (Prime), and the specific interest rate needs to be checked with the bank. Residential mortgage loans can be up to 70% of the value of the property, with a repayment period of up to 30 years, and offer benefits such as cash rebates and fire insurance discounts.

• Car Loans and Personal Lines of Credit: Banks offer personal loans and car loans, but the specific interest rates and application thresholds are not disclosed. An example shows that the APR for a personal loan is extremely high (1606.98%), which may be a special case or an error in the data, and customers are advised to contact the bank directly for confirmation.

• Flexible repayment options: Mortgage products support flexible repayment plans, such as the "Mortgage Plan", which allows customers to adjust their repayment arrangements according to their financial situation and reduce interest expenses. All loan applications are subject to final approval by the Bank, and the specific terms are subject to the loan agreement.

digital service experience

Chong Hing Bank's digital services are centered on its mobile banking app, which supports iOS and Android devices and provides the following core functions:

• real-time transfers: support 24-hour free interbank transfers.

• Bill management: Convenient bill payment features.

• Investment tool integration: Support securities account opening and investment trading, such as stock and futures brokerage services.

• Other features: Include cross-border financial services and e-statements.
  User rating information is limited, with specific ratings from the App Store and Google Play not disclosed, but the bank's support for modern payment methods such as Apple Pay and Go Banking shows its commitment to user experience. The online banking platform functions similarly to the mobile app, supporting multiple browsers (such as Microsoft Edge, Google Chrome), making it easy for customers to manage their accounts at any time.

technological innovation

, Chong Hing Bank has shown active exploration in the field of fintech:

• open banking APIComply with the Hong Kong Monetary Authority's Open Banking Framework and work with third-party service providers to provide services such as mortgage loan application and wealth management information sharing.

• Apple Pay integration: Apple Pay is supported to improve the convenience and security of mobile payments.

• Online Calculation Tools: Fixed deposit interest calculators, currency exchange calculators, and credit card balance repayment calculators are available to help customers better plan their finances.

• AI Customer Service and Robo-advisors: There is no clear mention of AI customer service or robo-advisor implementations, but the bank's digital transformation and API support indicate that it is exploring more advanced technology solutions.

Featured Services & DifferentiationChong

Hing Bank is characterized by its philosophy of "Proximity to Customers, Service Excellence", providing the following unique services:

Safe Deposit Promotions: Offer safe locker rentals and regular promotional offers to entice customers to store their valuables.

• IPQ Offer: Promotions of investment products aimed at specific customer groups to enhance the attractiveness of wealth management.

• 2025 Securities Brokerage Commission Discount: From 1 January 2025, the annual securities brokerage commission will be offered to attract investors to participate in stock and futures trading.

• Cross-border financial services: As part of the Yuexiu Group, Chong Hing Bank provides professional cross-border financial services in Hong Kong, Macau and Chinese mainland, including 16 branches and sub-branches in Guangzhou, Beijing, Shenzhen, Shanghai and Shantou, especially for customers in the Guangdong-Hong Kong-Macao Greater Bay Area.
  In addition, the Bank, through its wholly-owned subsidiary, Chong Hing Insurance Company Limited, provides customized insurance services for SMEs and commercial customers, supporting China's Belt and Road Initiative and the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA).

market position and accoladesChong

Hing Bank has a solid position in the Hong Kong banking industry:

• market position: It has more than 40 branches covering Hong Kong, Macau and Chinese mainland (including branches and sub-branches in Haizhu, Panyu, Foshan, Shunde, Nansha, Hengqin, Dongguan, Zhongshan, Nanshan, Qianhai and Hongqiao, Shanghai). As a member of Yuexiu Group, the bank has benefited from the Group's resources and support, which has strengthened its competitiveness in the Guangdong-Hong Kong-Macao Greater Bay Area. The bank mainly serves corporate and individual customers, and its business covers corporate and retail banking, financial market activities, securities trading, etc.

• Accolades: Although no specific award information could be found, Chong Hing Bank has a good reputation in Hong Kong's financial market as a long-established bank, especially in the SME and cross-border financial services sectors.

summary

Chong Hing Bank Limited is a Hong Kong-based commercial bank known for its more than 70-year history and focus on the Guangdong-Hong Kong-Macao Greater Bay Area. Since joining Yuexiu Group in 2014, the bank has demonstrated stronger competitiveness in regional financial services. It offers a wide range of deposit and loan products, including demand deposits, time deposits, mortgages and personal loans, with interest rates subject to direct bank consultation. In terms of digital services, the mobile banking app is feature-rich and supports real-time transfers and investment transactions. Technological innovations, including Apple Pay integration and open banking APIs, demonstrate digital transformation efforts. Featured services such as cross-border finance and promotional offers make it competitive in the local and regional markets, and its solid market position and the support of Yuexiu Group further strengthen its position in the Hong Kong banking industry.