ZA Bank has launched a new business loan in collaboration with Global Payments Asia-Pacific (Hong Kong) Limited, a subsidiary of Global Payments.

This partnership allows eligible merchants within the Global Payments ecosystem to quickly and easily obtain ZA Bank’s pre-approved credit facilities without the need for traditional bank statements or financial reports.

This initiative is a part of the bank’s commitment to leveraging technology to improve the financing options available to SMEs in Hong Kong, which aligns with recent initiatives by the Hong Kong Monetary Authority (HKMA).

ZA Bank streamlines the credit assessment process using alternative data reflecting the company’s business activities. This innovative approach enables the bank to issue loan approvals in as little as three working days, enhancing efficiency and access to necessary financial resources for SMEs.

Global Payments’ SME merchants can receive a business installment loan of up to HK$4 million with a repayment period of up to three years without the need to submit bank statements or financial reports, subject to final approval by ZA Bank.

“We are pleased to work with Global Payments to leverage technology and data to simplify the business loan assessment process for SMEs and speed up the approval procedures, which will significantly reduce the financing burden of SMEs and help support their growth. As Global Payments’ first digital banking partner, we will continue to innovate and provide convenient and efficient financial services,”

said Devon Sin, Alternate Chief Executive of ZA Bank.

“ZA Bank welcomes the HKMA’s support measures for SMEs and will expedite the processing of applications for the SME Financing Guarantee Scheme (SFGS) to support merchants in need. We will also continue to leverage our strengths in digital banking, using technology to address financing difficulties and providing a customised lending experience. We will stand with SMEs in the current challenging environment and seize every growth opportunity together,”

added Devon.

According to ZA bank, it has approved loans worth over HK$3.5 billion, including SFGS applications, to address the financing needs of SMEs in the post-pandemic economy.

Featured image credit: Edited from ZA Bank