Singapore never disappoints when providing financing services to its communities. Thus, many banks, like the Bank of East Asia Singapore, entered the market.
However, although BEA is not of Singaporean origin, it doesn’t change the reality that to serve many customers throughout Asia, expanding in the country is among its best historical voyages.
Would you like to know more about BEA’s beginnings, how it established its branch in Singapore, and its current standing in the banking industry? Prepare yourself to sail on one of the most adventurous voyages you’ll ever encounter!
Bank of East Asia and The Founding Fathers’ Vision
Rising from the ashes, the Bank of East Asia (BEA) was like a phoenix. It sprouted its wings in Hong Kong despite the rubbles of a grave and dangerous economic crisis, World War I, in November 1918. However, it was in January 1919 when the bank officially opened for business.
The Li Tse-Fong and Li Koon-Chun, brothers provided financial support. Sir Shouson Chow granted the sociopolitical aid, and they would be co-founders, along with Fung Ping Shan, a renowned businessman and several distinguished local Hong Kong Chinese businessmen.
The banking vision behind BEA is blending the East and West via a local Hong Kong bank. Thus, to prove and embrace the specific family-run Chinese style and adopt the modernity of banking and accounting methods. Such visions came from Kan Tong Po, and he had the relevant and much-needed banking background to initiate BEA.
Since its official banking operations, BEA was set on its voyage to serve all the monetary requirements of local businesses and individuals.
Bank of East Asia Laying its Footprints in Singapore
The Bank of East Asia continued its voyage to excellence and banking conquest. In truth, it expanded rapidly, particularly in the international banking market, much to its competitors’ surprise.
After only a year after its official opening, BEA established its many branches outside of its native land, particularly in Ho Chi Minh City and Shanghai.
Soon after, BEA finally launched its official operations in Singapore in 1952. It marks the bank’s first official expansion and the institution of the Bank of East Asia Singapore.
The Bank of East Asia Singapore’s arrival in the Lion City was BEA’s most incredible voyage and milestone. It specifically showcased the bank’s ambition and intentions to spread its wings beyond its birthplace and sail to the open sea of financial prospects and economic growth.
BEA Singapore’s First Few Decades of Challenges and Triumphs
Any business’s early years are always without their fair share of challenges and triumphs. That is also quite evident with the Bank of East Asia Singapore.
There were many eras of financial crises and fierce competition, especially with local banks in the country. Nonetheless, BEA Singapore overcame these economic downturns and became more substantial with time.
With such resilience and strong visions and missions, it took only a short time before BEA Singapore had its transformation. In truth, the metamorphosis was not an accident.
BEA Singapore did not waste any precious time and set out to study, analyse, and create strategies to build their banking services as a viable alternative bank in Singapore. All the efforts were well-spent as their strategic planning, unwavering customer-focused approach, and steadfast banking commitment were realised.
Bank of East Asia Singapore Breaking New Grounds
In the past, all of the bank’s customers had to be patient. Patient in what way, you ask?
Well, it was when banking meant waiting in long queues. In addition to that, a lot of paperwork needed to be filled out, verified and re-verified before reaching bank approval, transaction completion, or loan disbursement.
The Bank of East Asia Singapore understood its obligation to its customers. Thus, BEA Singapore adopts and shifts the paradigm.
As time passed, BEA Singapore introduced a wide range of banking services catering to its customers’ evolving requirements. With advanced and highly technologically inclined planning, BEA Singapore initiated modern banking.
Now, you can quickly notice that BEA Singapore is an incredible and excellent one-stop shop for every banking need. You can acquire various banking services, including:
- Retail Banking
- Wealth Management
- Corporate Banking
- Retirement Benefits
- International Divisions of Trades
- Treasury Markets
Moreover, the bank has since curated an enviable suite of services. All of which cater to each business and individual’s economic demands.
Bank of East Asia Singapore Digitally Revolutionised
There’s no doubt that digital banking is a demand in these times. Every customer prefers a hassle-free and convenient banking transaction. Nevertheless, even when it is easy and accessible, all clients aim for safe and secure services.
The Bank of East Asia Singapore understands its supreme obligation to its clients. Thus, all customers may gain access to their personal and business accounts, loans and disbursement at their fingertips!
What’s more impressive about BEA Singapore is it isn’t simply adopting the new and highly-demanded banking innovation. As customers are tech-savvy today, BEA Singapore intends to sail with innovative banking assistance 24/7.
A Testament of Distinctive Supremacy in the Banking Industry
What’s a voyage without some milestones?
Throughout its excellent and illustrious history, BEA Singapore became among the most sought-after banks in the country. Due to such relevance, it received numerous recognitions and accolades for its service of excellence and innovative solutions.
Since 2015, its accolades include:
- The Best Retail Banking Branch Innovation by The Asian Banker Excellence in Retail Financial Services Awards (2015)
- Best Mobile Banking, Hong Kong by the International Finance Awards (2016)
- Best Personal Banking Brand, Hong Kong by the Global Brands Magazine Global Brand Awards (2019)
- Payment Merchant Services of the Year in Asia-Pacific, International Excellence in Retail Financial Services Awards by the Asian Banker Awards (2019)
- Domestic Retail Bank of the Year by the Asian Banking and Finance Retail Banking Awards (2020)
With its unwavering commitment to its customers, these accolades grow more by the year.
The Legacy of Bank of East Asia Singapore and the Road Ahead
Several highly-proficient and world-renowned banks indeed exist in Singapore. But the Bank of East Asia Singapore continues to strive and thrive despite exceptionally fantastic competition.
BEA Singapore aims to ensure that all its customers receive the financial assistance they require, such as personal loans. If you need a personal loan from a reliable licensed moneylender in Singapore, you can trust Accredit.
Both BEA Singapore and Accredit provide transparent and reliable loan products and services essential to one’s financial journey. Thus, the choice is all up to you.
Now that you’re fully aware of BEA Singapore’s resilience and capacity to provide high-quality banking services, you can feel confident and assurance all your banking transactions have a secured financial outcome.