Electronic Direct Debit Authorization (eDDA) is a value-added service of the Faster Payment System (FPS) launched by the Hong Kong Monetary Authority. Through this service, you can authorize Longbridge to transfer funds from your designated Hong Kong bank account to your securities account. After reading this article, you will understand the key information such as eDDA and deposit operation process and arrival time for Hong Kong banks in general, which helps you deposit funds quickly and safely into your Longbridge account.

Authorization and deposit operation process

Step 1. Open the Longbridge App to obtain authorization information.

Step 2. Open your Hong Kong bank's mobile banking app or online banking website to initiate the eDDA. Please wait for Longbridge to approve after submission.

Note: Banks supporting eDDA include Hang Seng Bank, HSBC, Standard Chartered Bank, Bank of China (Hong Kong), Bank of East Asia, Industrial and Commercial Bank of China (Asia), Citibank, CMB Wing Lung Bank, and China Merchants Bank.

Authorization effective time: Please initiate the deposit application only after the bank-side authorization is successful. Whether the authorization is successful depends on the notification from the bank. It usually takes 1–2 working days for the bank-side authorization to become effective.

Step 3. After the authorization takes effect, please go to the Longbridge App > Portfolio > Deposit > HKD to initiate a deposit.

When applying for authorization on the bank app/website, it is recommended to refer to the following information:

Notes

1.Advantages of eDDA

• Secure: Longbridge, in collaboration with Hang Seng Bank, provides secure transfer services. The deep system integration between the broker and the bank requires mutual customer identity verification for each account authorization and fund transfer, complying with the regulations of the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority.
• Fast: Make deposits 24/5, with funds arriving in your account in 5 minutes.
• Free: eDDA and subsequent deposits are free of charge.
• Convenient: Deposit instructions can be initiated directly in the Longbridge App, eliminating the need to operate via the bank or upload the proof of remittance.
• Wide-coverage: 8 Hong Kong banks are supported, including HSBC and Hang Seng Bank.

2.Deposit arrival time

Longbridge does not impose any deposit limits. Please check whether your bank has any transfer limits.

Note: During Hong Kong market holidays, arrival time will be postponed. Actual arrival time shall prevail. The times mentioned are in China Standard Time.

3.Transfer fee: Free.

Precautions:

1. eDDA currently only supports HKD.
2. You need to register important information such as a valid mobile phone number, email address, and up-to-date identity documents with your banks.
3. The name on the bank account used for the transfer must match the name on your Longbridge account. You cannot use another person's bank account for transfers. Any refund fees incurred due to non-compliance will be borne by you.
4. It takes time for the bank to process the transfer. Bank notifications stating "transfer initiated" do not indicate immediate receipt by Longbridge. Settlement and approval are required after the funds arrive in Longbridge. Banks and Longbridge do not process transfers during Hong Kong public holidays. Please allow sufficient time for processing.
5. Longbridge currently does not accept cash deposits.

Disclosures

The above guide screenshots are provided by users and are for reference only. If there are any discrepancies between the screenshots and the actual interfaces, the actual bank interfaces shall prevail. Please confirm the content to be filled in with the bank. Longbridge shall not be held liable for any losses resulting from the use of this guide.

For your convenience, this guide may contain links to third-party websites. Longbridge takes no responsibility for the content of any websites linked to or from this site. Furthermore, Longbridge makes no warranty (either express or implied) regarding the accuracy, legality, reliability, or validity of the content of any other websites.