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On-line-only lenders reminiscent of Mox Financial institution and WeLab Financial institution and conventional banks reminiscent of HSBC, Financial institution of China (Hong Kong) (BOCHK) and Citigroup have launched advertising and marketing campaigns to encourage clients to ship cash electronically with giveaways reminiscent of air miles, purchasing vouchers and fortunate attracts.
Hongkongers hand out lai see on auspicious events reminiscent of weddings and Lunar New Yr, which begins on February 10 this 12 months. Many banks use the pageant to enroll new clients.
“Lunar New Yr is an effective interval for us, and that’s the reason we now have launched the e-lai see particular promotion to encourage clients to make use of Mox for his or her transactions and spending,” mentioned Barbaros Uygun, CEO of Mox, which is co-owned by Normal Chartered.
Mox clients who ship e-lai see can share their buyer referral codes with family and friends. When a referral turns into a buyer, the financial institution rewards the prevailing buyer and new signee with a money bonus of as a lot as just a few hundred {dollars}.
Within the first two weeks of the Yr of the Rabbit final 12 months, the financial institution added 10 per cent extra purchasers through its e-lai see promotion than it will have in a standard interval, Uygun mentioned.
Mox has greater than 523,000 clients, the second highest among the many eight digital banks within the metropolis after ZA Financial institution’s 700,000.
The financial institution’s different promotion to usher within the Yr of the Dragon contains providing Asia Miles to clients who place time deposits.
Hongkongers exchanged a median of 350 million banknotes value virtually HK$10 billion (US$1.27 billion) in the course of the two weeks main as much as the Lunar New Yr vacation annually till 2020, in keeping with the HKMA. Figures after 2020 weren’t accessible.
Whereas bodily lai see is restricted to banknotes’ current denominations that vary from HK$20 to HK$1,000, e-lai see customers can ship giant sums or some auspicious numbers, reminiscent of HK$168 and HK$888. The quantity eight in Chinese language symbolises wealth.
Other than selling using e-lai see, WeLab has launched a marketing campaign, which incorporates fortunate attracts and money rebates, tied to its deposits and wealth administration companies for Lunar New Yr.
“E-lai-see present digital banks with essential model visibility and additionally it is a really intelligent type of promoting,” mentioned Benjamin Quinlan, CEO and managing companion of Quinlan & Associates, a Hong Kong-based consultancy.
“E-lai see appeals to youthful, tech savvy clients who’re well-accustomed to sending and receiving cash through their cellphones. This may be particularly helpful throughout Lunar New Yr, given how a lot bodily money in particular denominations – and what number of lai see packets – individuals have to sometimes carry round.”
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How will your Chinese language zodiac fare within the Yr of the Dragon?
How will your Chinese language zodiac fare within the Yr of the Dragon?
HSBC, BOCHK and Citigroup are additionally resorting to fortunate attracts to encourage clients to ship e-lai see and promote their cell banking companies. BOCHK and Citigroup are every providing a prime prize of HK$8,888.
HSBC clients mechanically enter a fortunate draw for purchasing vouchers value as much as HK$888 once they use the PayMe cell fee app. The same promotion final Lunar New Yr led to a rise in service provider transactions by greater than 300 per cent, with the financial institution distributing greater than 1.1 million vouchers.
PayMe customers despatched greater than 5.3 million e-lai see totalling HK$85 million in the course of the Yr of the Rabbit.
“Our cell fee service is turning into more and more common,” mentioned Florence Chan, deputy common supervisor at BOC Credit score Card (Worldwide).
BOCHK reported a 20 per cent 12 months on 12 months enhance in e-lai see despatched through the BoC Pay app.
Chan mentioned it was not simply younger clients who ship e-lai see, however clients throughout all age teams, from some as younger as 16 to these of their 90s. The most important single e-lai see final 12 months was HK$10,000, whereas one buyer despatched 150 e-lai see.
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