[Sponsored article] As the global economy continues to shift towards digitalisation, the banking sector is adapting its services to meet the changing needs of digital-savvy consumers. A 2021 year-end survey by McKinsey revealed significant changes in customer behaviour and services offered by banks. It found that a wide range of people from different age groups and income levels were adopting online banking, with 85 per cent of respondents saying they would increase their use of digital banking services after the pandemic, reflecting the need for traditional banks to transform their services to meet the demands of the digital age. In response to this demand, the Bank of East Asia (BEA) and Mastercard are leveraging their partnership to introduce a range of new products and services. At the core of this collaboration is the desire to build a strong, digital platform that will spur the transition of both companies towards the digital economy, while simultaneously providing a faster, more convenient and more secure experience for their customers. Shirley Wong, general manager and head of personal banking division at BEA, says 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. “Digitalisation is a core element of BEA’s long-term strategy,” she says. “Through this partnership, BEA is elevating its online platform and delivering a seamless digital experience to our valued customers.” Last year, BEA and Mastercard launched 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. It automatically sets up regular payment instalments which can be modified at any time by the account holder to provide a faster and smoother online banking experience. 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. BEA was the first bank in Hong Kong to implement the Mastercard Pay with Rewards scheme, which gives users the option of offsetting transactions using accumulated reward points – increasing flexibility when it comes to settling card payments. The recently launched BEA AIA Credit Card is the bank’s latest collaboration with Mastercard and AIA; it encourages customers to make healthy lifestyle choices by offering various incentives. In addition to flexible payment options for settling insurance premiums with the credit card, customers can earn extra bonus points when using the card to pay for medical services and health and wellness goods purchased at selected merchants. 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 demonstrated a strong commitment to the cause and, as one of the most recognised payment providers globally, is uniquely positioned to leverage its influence and garner support for the issue on a large scale. The company 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. In addition, 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. The initiative is Mastercard’s response to the global threat to forests from human activity, and its attempt to help mitigate climate change. Backed by a network of global environmental organisations to mobilise the initiative across the globe, millions of trees have been planted in fragile ecosystems, including the Amazon basin in South America – home to the world’s biggest and most damaged rainforest. Helena Chen, managing director, Hong Kong and Macau, at Mastercard, says sustainability is embedded in every aspect of the company, from driving business forward to supporting communities and the environment. “Building a sustainable environment is significant for our future generations,” she says. “The Priceless Planet Coalition unites companies, communities and consumers in climate action.” BEA, meanwhile, aims to become the leader in sustainability among financial institutions in Greater China and beyond, and 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. Find out more about BEA Mastercard products here . Disclaimer from BEA: Pay My Way is an instalment loan. To borrow or not to borrow? Borrow only if you can repay! Terms and conditions apply.