Bank of East Asia taps Mastercard

The banking sector is adapting to the changing needs of consumers as the global economy continues to shift towards digitalisation. According to a 2021 year-end survey by McKinsey, a wide range of people from different age groups and income levels are adopting online banking. As a result, the Bank of East Asia (BEA) and Mastercard have partnered to introduce a range of new products and services that meet the demands of the digital age.

The partnership aims to build a strong, digital platform that will spur the transition of both companies towards the digital economy. The BEA GOAL Credit Card, a virtual card that gives users instant approval and immediate access to “Pay My Way”, a new flexible spending and payment function, was launched by the two companies last year. The credit card is linked to BEA GOAL, the bank’s 100 per cent digital, all-in-one account, where users can handle their daily wealth management and financial investments using their smartphones. Both Mastercard and BEA offer payment-linked rewards to cardholders.

Sustainability has become a key issue for major corporations. BEA and Mastercard are using their partnership to help meet their targets in this regard. Mastercard has made a commitment to bring 1 billion people into the financial mainstream by 2025 through initiatives that give minority groups and small businesses access to capital, as well as digital financial tools. Additionally, Mastercard is aiming to plant 100 million trees by 2025 through its Priceless Planet Coalition and has partnered with more than 110 companies, including BEA, to help achieve this goal.

BEA aims to become the leader in sustainability among financial institutions in Greater China and beyond. It has established a robust ESG strategic framework to drive its sustainability performance. At the end of last year, BEA announced its commitment to achieving net zero operational emissions by 2030, and net zero financed emissions by 2050. The bank remains committed to working with strategic partners to provide enhanced customer experiences and advance towards a digital economy.

Shirley Wong, general manager and head of personal banking division at BEA, said the partnership not only contributes to the growth of the bank’s customer base, it also aligns with its commitment to support Mastercard’s sustainability objectives. Helena Chen, managing director, Hong Kong and Macau, at Mastercard, said sustainability is embedded in every aspect of the company, from driving business forward to supporting communities and the environment.