Fidelity International takes home two wins in the HKB Technology Excellence Awards

It was recognized for its tax deductible voluntary contributions (TVC) account opening channel.

Fidelity International (Fidelity) has won both the Digital and Mobile awards in the Financial Services category at the recently concluded HKB Technology Excellence Awards, presented by Hong Kong Business magazine.

Now in its second year, the awards event honours enterprises that take risks and lead the change in developing groundbreaking projects, digital services, reimagined strategies, and technological initiatives. Winners were judged on the basis of uniqueness and innovation, effectiveness and impact, and dynamism.

‘’We are honoured to receive the awards and Fidelity will continue to include digital as a key part of our client interaction through more innovative technology to help make our clients’ lives easier.’’ says KP Luk, Head of Hong Kong, Fidelity International.

With the launch of TVC in Hong Kong on 1 April 2019, Fidelity, being one of the MPF scheme providers, offers TVC accounts as an option for clients to make additional savings and better planning for their retirement. However, opening a voluntary MPF account used to be done mostly through hard copy form filling and also requires a certified true copy of HKID card or passport via face-to-face verification by authorized persons, which was not that user-friendly to clients and took considerable manpower to follow through the process.

In view of the popularity in using mobile phones and to provide better client experience, Fidelity has devoted resources to drive a channel innovation by introducing a digital application journey (eTVC) in its SmartRetire mobile app, using the most up-to-date technology to facilitate TVC account opening in simple steps.

Starting mid-January, both existing and new clients who are interested in TVC can submit their applications seamlessly via the Fidelity mobile app. Fidelity is the first MPF provider in Hong Kong to introduce an instant identity authentication and verification service for TVC account opening via mobile app. The advanced HKID card verification and facial recognition technology not only enable a quick and convenient way for clients to complete the process simply with their mobiles. It also allows a safe and secure environment for clients to submit applications without face-to-face interactions, especially during the pandemic.

Apart from that, Fidelity also integrated the Faster Payment System (FPS) into its TVC platform for clients to make lump sum and top-up contributions instantly on top of traditional ways—by direct debit authorization or cheque. Clients can simply login to their personal banking app to complete the payment using the QR code provided in Fidelity’s mobile app.

With the introduction of eTVC, Fidelity has brought in a new seamless mobile experience to clients and it was widely known to the public through active promotions and communications. Over 85% of Fidelity TVC applications originated from the mobile channel since its launch in the tax assessment year of 2019/2020, proving it as a successful digital initiative. It also helped attract more new and younger segments to make TVC through Fidelity.  

The HKB Technology Excellence Awards, presented by Hong Kong Business, was held via video conferencing throughout the month of September.

This year’s nominations were judged by a panel consisting of Gilles Alexandre Salansy, Partner, Accounting and Outsourcing at Mazars Hong Kong; Jason Yau, Partner, Technology and Management Consulting at RSM Hong Kong; Douglas Kwan, Partner, Assurance and Advisory Services at SHINEWING (HK) CPA Limited; Steve Lo, Partner and Asia-Pacific Chief Innovation Officer at Ernst & Young; and Loretta Fong, Partner and Telecommunications Leader at PwC Hong Kong.

If you would like to join the 2021 awards and be acclaimed for your company’s exceptional technological innovations, please email Julie Anne Nuñez at [email protected]