Xiaomi and AMTD’s virtual bank Airstar has launched another stage of its pilot trial which features the SME Easy Pay Loan offering to bring a faster and more convenient loan experience to small and medium enterprises (SMEs)

This comes on the heels of its initial pilot trial to offer corporate banking services for SMEs following positive market response.

The sandbox will accept up to 150 of Airstar Bank’s customers with loan drawdown. Interested SMEs can submit applications through the SME Easy Pay Loan website.

Existing customers of the pilot for corporate banking services and new customers will be able to join and experience the SME loan service which disrupts the loan experience from traditional framework.

After customers transfer their existing instalment loans to Airstar Bank, they can enjoy a first 24-month principal payment holiday to lower their monthly expenses.

SME customers can borrow up to two times of the original loan amount including extra cash, thereby reducing loan repayment pressure.

Airstar said that the loan application procedure is very simple once the loan entry requirements are fulfilled and approval time is within 3 working days.

Face-to-face meetings, financial statement or service fees are not required during the application process.

Ronald Iu, Chief Executive of Airstar Bank, commented,

“Airstar Bank understands having healthy and sufficient cash flow is crucial to SMEs.

 

Through the launch of SME Easy Pay Loan, we hope to simplify loan application procedures by using fintech and work jointly with SMEs to fasten loan approval time to support their business expansion plan.”