Latest news with #CommercialDataInterchange
Finextra
29-07-2025
- Business
- Finextra
Standard Chartered Hong Kong and Know Your Customer team on KYC verifications
Standard Chartered Bank (Hong Kong) Limited ('Standard Chartered Hong Kong') and Know Your Customer Limited ('Know Your Customer') announce the launch of a new collaboration on real-time know-your-customer (KYC) verifications via the Hong Kong Monetary Authority (HKMA)-led Commercial Data Interchange ('CDI') platform. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. The partnership will enhance SME account opening and KYC procedures with improved accuracy, speed, and security. By leveraging Know Your Customer's capabilities, Standard Chartered Hong Kong can automate the retrieval of company search data via the application programming interface (API) included in CDI and unravel complex ultimate beneficial owner (UBO) structures to identify the true owners of corporate entities and improve risk assessment accuracy. This solution allows the bank to retrieve information required for account opening by automating data feeds from Know Your Customer and empowers the bank to consolidate company search data via CDI, which significantly streamlines the account opening journey, reduces the application turnaround time and drives substantial operational efficiency gains. Stephen Man, Head of Wealth Management and Retail Banking, Standard Chartered Hong Kong, said, 'The partnership with Know Your Customer is beneficial to the digital transformation and business development of Standard Chartered Hong Kong's SME clients. As an active CDI participant we are simplifying SMEs' loan applications and reviews. This new initiative demonstrates our commitment to offering innovative banking solutions that facilitate better client experiences. By automating KYC via Know Your Customer, we're speeding up SME account opening and enabling non-face-to-face account applications anytime, anywhere. By leveraging alternative data through CDI and pursuing opportunities to collaborate with data partners, we can offer SMEs tailored loan solutions, helping them to enhance their operational efficiency and facilitate growth. This also contributes to the development of Hong Kong's digital economy. Claus Christensen, CEO & Co-Founder at Know Your Customer, said, 'When we founded Know Your Customer in Hong Kong almost a decade ago, I experienced first-hand the challenges that SMEs faced when trying to access financial services protected by manual compliance processes. That personal experience continues to inspire our mission to remove unnecessary friction from onboarding. Through real-time registry integrations and intelligent automation, we are helping to make financial access faster, safer, and more inclusive. I'm proud that our technology plays a part in empowering future entrepreneurs and excited to collaborate with Standard Chartered Hong Kong to support the HKMA's digitalisation agenda.
South China Morning Post
28-04-2025
- Business
- South China Morning Post
HKMA to help banks assess firms for trade financing by using cargo data
The Hong Kong Monetary Authority (HKMA) has launched a new initiative that will use cargo logistics data to help banks assess companies for trade financing amid escalating global worries about tariffs. Advertisement The initiative, called CargoX, would expand data sets and applications in the de facto central bank's electronic platform – the Commercial Data Interchange (CDI) – in an effort to make trade financing more readily available to small and medium-sized enterprises (SMEs), the HKMA said on Monday. The move would help SMEs cope with 'the current complex international trade situation', it said. Around a quarter of Hong Kong's SMEs are involved in import-export trade and wholesale businesses, the HKMA said. 'In today's complex global trade landscape, many businesses, in particular SME traders, need more digitalised and efficient trade finance solutions to transform their business models and supply chains,' HKMA chief executive Eddie Yue Wai-man said. 'Leveraging cargo data and our next-generation CDI data infrastructure, CargoX will help resolve some long-standing pain points in trade finance for banks, ultimately boosting efficiency and driving industry-wide innovation.' The CargoX programme will securely share sea, road and air cargo logistics data – with the consent of the companies involved – so that banks can more accurately evaluate their corporate lending. Advertisement
Associated Press
15-04-2025
- Business
- Associated Press
PAObank Shared in World Internet Conference Asia-Pacific Summit in Hong Kong
Insights on the Potential of Commercial Data: A Path to Enhanced Financing Efficiency and Financial Inclusion HONG KONG SAR - Media OutReach Newswire - 15 April 2025 - The World Internet Conference Asia-Pacific Summit 2025 held for the first time in Hong Kong. PAO Bank Limited ('PAObank') has been invited to participate in the World Internet Conference Asia-Pacific Summit 2025, held for the first time in Hong Kong. As the only Hong Kong digital bank invited, PAObank engaged in discussions with international industry leaders and experts on unlocking the potential of commercial data. Leveraging its own experiences, PAObank analyses the adopting level of digital and intelligent technologies in financial sector, with the aim of advancing financial inclusion. The World Internet Conference Asia-Pacific Summit, a flagship event of the innovation and technology sector, was held for two days in Hong Kong under the theme of 'Integration of AI and Digital Technologies Shaping the Future - Jointly Building a Community with a Shared Future in Cyberspace'. The Summit brought together around 1,000 participants from the Mainland and overseas, including government representatives, business leaders, expert and scholars. It serves as a platform to provide new impetus for exploring the potential of digital technology and fostering the growth of the digital economy across the Asia-Pacific region. PAObank, as the first digital bank to participate in the Commercial Data Interchange initiative, stands out in leveraging alternative data to streamline financing processes. PAObank was invited to sub-forum on the second day of the Summit, titled 'Digital Finance Forum: Inclusive Finance Empowered by Digital Intelligence', where it shared insights on fintech applications and the breakthroughs of cross-sector data interchange. Mr. Ambrose Wong, Chief Executive cum Chief Risk Officer of PAObank shared, 'PAObank has been dedicated to addressing the banking services gaps for SMEs since its inception. By leveraging financial technology and alternative data, we have streamlined the loan application and approval process, empowering SMEs with tailored financing services. Over the past five years, our deep exploration and application of commercial data have benefited lots of SME customers. In fact, amongst the approved loan cases of PAObank, about 25%[1] of SMEs obtained bank loans for the first time from PAObank, and around 8.2%[2] of startups received unsecured loan, reflecting PAObank's commitment to empowering SMEs to navigate their business upgrade and transformation journeys by leveraging financial technology. PAObank is also strategically focusing on the Greater Bay Area, a region with immense development potential. The area is witnessing an influx of SMEs and a surge in economic vitality, leading to an increased demand for capital among SMEs. As a subsidiary of Lufax Holding Limited ('Lufax') ( NYSE LU), PAObank aligns closely with Lufax's vision to leverage finance technology to advance financial inclusion in the Greater Bay Area. This synergy will support PAObank in developing cutting-edge digital banking services. PAObank will proactively explore relevant banking services and harness the role of Hong Kong as a 'super-connector' to support SMEs venturing into the Greater Bay Area and overseas markets, empowering them to tackle future challenges with confidence.' Recognised as the 'best partner' for SMEs, PAObank deeply understands SMEs are the cornerstone of the economy. By leveraging financial technology and commercial data, PAObank designs targeted loan services tailored to the specific operational models of various industries. These include the 'Cross-border e-Commerce Revolving Loan"[3] launched this year, designed to help SME expand their e-commerce business presence. By analysing the real-time data from e-commerce platform, such as sales volume, inventory and refund rates, PAObank gains a comprehensive insight into SMEs' business dynamics, which helps streamline the credit assessment process through big data analysis. Based upon the loan approval process, SMEs can secure funding as quick as one week[4] without providing any financial statements. This can promptly meet SME's funding needs while assisting them in exploring new business prospects. Looking ahead, PAObank will continue to leverage commercial data to facilitate the development of digital banking ecosystem by forging more partnership and introducing more SME banking services. With continued efforts in the development of financial technology, PAObank will bring more diverse financing services to individual and SME customers, fulfilling its commitment to financial inclusion. [1] As at 31 December 2024, about 25% of SMEs received their first bank loan amongst the approved loan cases of PAObank. [2] As at 31 December 2024, around 8.2% of SMEs were start-ups operating for less than 3 years amongst the approved loan cases of PAObank. [3] This loan product is only eligible to companies registered in Hong Kong. Reminder: To borrow or not to borrow? Borrow only if you can repay! Terms & Conditions apply. Please refer to PAObank website or call customer services hotline 3762 9900 for details [4] Upon submission of loan application, the specific disbursement time is subject to the completion of documents to be provided and signed. Hashtag: #PAObank #WIC The issuer is solely responsible for the content of this announcement. PAO Bank Limited PAO Bank Limited ('PAObank'), a wholly-owned subsidiary of Lufax Holding Ltd ('Lufax') (SEHK: 6623; NYSE: LU) and a member of Ping An Insurance (Group) Company of China, Ltd. ('Ping An') (SEHK: 2318; SSE: 601318), is committed to fostering financial inclusion and establishing a digital banking ecosystem by leveraging its extensive experience in SME banking services and its leading financial technology advantages. PAObank was granted a banking licence by the Hong Kong Monetary Authority in May 2019 to offer banking services via digital channels. PAObank is expanding diverse business segments including retail banking and SME banking.
South China Morning Post
09-04-2025
- Business
- South China Morning Post
Standard Chartered hosts SME seminar to explore new opportunities in supply chain diversification and digitalisation
[The content of this article has been produced by our advertising partner.] Advertisement Standard Chartered Bank (Hong Kong) Limited ('Standard Chartered Hong Kong') today hosted a seminar for small and medium-sized enterprises ('SMEs') on 'Embracing Global Dynamics through Supply Chain Diversification and Digitalisation'. The event brought together over 200 SMEs from Hong Kong and Mainland China to explore opportunities arising from the transformation of cross-border business and digitalisation. The opening ceremony of the seminar was officiated by Mary Huen, CEO, Hong Kong and Greater China & North Asia, Standard Chartered; Arthur Yuen, Deputy Chief Executive, Hong Kong Monetary Authority (HKMA); Stephen Man, Head of Wealth Management and Retail Banking, Standard Chartered Hong Kong; and Winne Tung, Head of SME Banking, Standard Chartered Hong Kong. Mary Huen, CEO, Hong Kong and Greater China & North Asia, Standard Chartered, said, "Amidst uncertainties in the global trade market, Standard Chartered, as a partner of SMEs, remains committed to streamlining the loan application process for import and export trading firms by leveraging commercial data from e-commerce platforms. This supports SMEs' digital and cross-border transformation, addressing their need to expand into emerging markets in the Global South, including mainland China and ASEAN. We will continue to collaborate with the HKMA and other industries to support the development of SMEs, enabling them to diversify manufacturing bases and supply chains while seizing new opportunities through upgrades and transformation." This is the second year in a row that Standard Chartered Hong Kong has held the SME seminar. This time, the Bank invited experts from the fields of economics, investment, taxation, law, and digital innovation to share the latest market trends and business insights. As corporates increasingly look for overseas expansion and supply chain diversification, the seminar sought to help SMEs better understand and seize the emerging opportunities. Advertisement Standard Chartered Hong Kong is also an active participant in industry initiatives, such as the HKMA's Commercial Data Interchange ('CDI') project, and the proof-of-concept Commercial Credit Reference Agency 2.0 that further simplifies the financing process and promotes the development of digital economy. In 2024, the number of SME loan applications processed automatically through CDI, using directly obtained corporate credit records, increased by 30% year-on-year.
