PAOB launches Business Revolving Loan in expanded eftPay collaboration

It offers a maximum credit limit of up to HK$300,000.

Ping An OneConnect Bank (PAOB), Hong Kong's first virtual bank exclusively serving SMEs, has announced an enhanced partnership with eftPay (Asia), an electronic payment service provider in the region. 

In an effort to capitalise on their respective strengths, PAOB is introducing a new SME loan offering called the Business Revolving Loan. 

This service aims to assist eftPay's SME customers in seizing timely opportunities arising from the economic recovery.

The loan has a maximum credit limit of HK$300,000. SMEs can enjoy a flexible repayment period ranging from one to three months.

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This loan also allows SMEs to make multiple withdrawals within the approved credit limit throughout the year, giving them the freedom to allocate funds whenever and wherever needed.

PAOB, being the first virtual bank in Hong Kong to utilise alternative data for credit assessment, provides support to eftPay merchants by facilitating the loan application process. 

Through its innovative risk assessment platform, PAOB conducts credit analysis using commercial data, eliminating the requirement for submitting application documents and collaterals. 

This streamlined approach enhances the efficiency and convenience of the loan approval process, offering SMEs a more seamless and efficient virtual banking experience.