Hong Leong Bank (HLB), a Malaysia-based financial services company, has launched a new enhanced business online banking Hong Leong Online to strengthen its cash management services.

Hong Leong Online (Business) service includes account management functions such as current account, foreign currency accounts, loan accounts and fixed deposits balance inquiries, transaction history, statement download and cheque status inquiries.

Additionally, the service offers the ability to view subsidiary companies’ accounts with a single sign-on and the ability to view outstanding foreign exchange and money market contracts.

Initially, HLB will be migrating about 10,000 of its current active business customers to the new Hong Leong Online (Business).

Moreover, the HLB plans to introduce online transaction capabilities to effect fund transfers, remittances, payments, treasury transactions and trade finance transaction with the latest security features by end of the year.

In line with the government’s direction in migrating cheques to electronic payments, HLB will also be enabling electronic payment of SOCSO contributions over the next two months, on top of the existing salary payments and EPF contribution payment capabilities. With the introduction of HLB’s Online Payroll Services by mid 2010, the bank expects that more corporate customers will be using HLB to pay salary and EPF and SOCSO Contributions.

Kua Wei Jin, chief operating officer of wholesale banking at HLB, said: “HLB consistently tries to provide more innovative online banking solutions and the introduction of the Hong Leong Online (Business) is one such way. We take online banking steps further than competition by constantly innovating our offerings and introducing even more aggressive promotions to ensure continued patronage while attracting even more new users. In all areas of the bank, we listen to the needs of our valued customers and structure innovative products to meet their needs.

“We are committed to our customers and will endeavor to provide them with a rewarding internet banking experience, where convenience, efficiency and security in the transaction of financial services are of utmost priority.”