Shanghai Commercial Bank launches robotic safe deposit boxes
AM730 · 1 SOURCESabout 2 hours ago2 MIN
Summary
Shanghai Commercial Bank has fully upgraded its Western District branch on Catchick Street in Kennedy Town and launched a new automated safe deposit box service in late July . Deputy Chief Executive and Head of Retail Banking and Digital Strategy Fung Yuk-lung said the bank is the first local bank to introduce robotic-arm delivery technology for safe deposit boxes . The branch offers more than 1,600 boxes in different sizes, and Fung said market response has been strong since the launch . He added that the bank sees safe deposit boxes not as a standalone business, but as a value-added service tied to wealth management, investment and insurance relationships .
Key Points
- Fung Yuk-lung said Hong Kong safe deposit boxes are in short supply, while traditional bank vaults often have limited space and little privacy .
- The upgraded branch is located on Catchick Street in Kennedy Town, where the automated service began operating in late July .
- Customers complete identity verification at the counter, scan a one-time QR code, and enter a private VIP room .
- After the customer enters the box number, a robotic arm delivers the box in about one to two minutes for key access .
- Fung said development took more than eight months, from finding a suitable supplier to design, workflow optimisation and construction under regulatory requirements .
Why It Matters
For Hong Kong customers who want to store jewellery, documents or other valuables, the service addresses two practical concerns identified by the bank: privacy during access and the safety risk of carrying boxes by hand . It also shows how banks are trying to deepen client relationships by combining financial services with custody of physical assets, rather than treating safe deposit boxes as a separate line of business .