HSBC Bank Malaysia Berhad (HSBC) has partnered with Agile Property (Agile) to provide a digital solution for their Housing Development Account (HDA). The digital solution reduces manual processes and promotes digitalisation in the HDA payables process in Malaysia’s real estate sector.
HDA is mandatory for all residential developments to safeguard the interest of residential buyers for property developers in Malaysia.
The developers will channel all payments received from buyers of a residential property into a specific HDA. The HDA’s payments will be used to pay for items such as quit rent, assessment rates, levy charges, stamp duty, insurance premiums, consultant fees and costs of construction.
“Agile faced challenges in making business-as-usual payments and to keep their operations running smoothly. HSBC understood Agile’s requirements and partnered with them to implement an eHDA (Electronic Housing Development Account) payment solution for the clients,” Karel Doshi, Country Head of Corporate of HSBC Malaysia said.
The eHDA is a first in Malaysia thus helping Agile to migrate and eliminate all manual HDA payments to an online platform.
“As a multinational company, internal payment approvals which involves multiple signatories across different countries and with the eHDA solution, the company no longer need to forward any physical documents to China for authorised signers to approve payments and sign the instructions,” Grace Zhao, Finance Director of Agile Property Overseas, mentioned.
“The outbreak has created a digital dependency where HSBC needs to harness technology in the digital platform to create powerful customer experiences. The bank is delighted to partner with Agile in digitising the business and creating an innovative solution which will ultimately benefit the real estate sector,” Shayan Hazir, Head of Global Liquidity and Cash Management of HSBC Malaysia concluded.