In the past year, Hong Kong companies have struggled out of the predicament under the new normal brought about by the epidemic.
As the first virtual bank exclusively for SMEs in Hong Kong, Ping An OneConnect Bank (PAOB) uses technology to provide appropriate banking services to SMEs and solve problems that have long been overlooked in the capital turnover process of enterprises. .
On the first anniversary of PAOB’s opening, the loan assets of SMEs reached HK$1 billion. The market share of the “90% credit guarantee products” under the “SME Financing Guarantee Program” exceeded 40% (Note 1), which not only helped SMEs turn into danger. Opportunity also marks a big step for inclusive finance in Hong Kong.
The Hong Kong Monetary Authority issued 8 virtual banking licenses in 2019, aiming to break through the boundaries of traditional banks providing services through physical branches, and through financial technology to promote inclusive finance, so that people of different classes and companies of different sizes can get them. Comprehensive financial services.
Different from other peers, PAOB has positioned itself as the first virtual bank exclusively for SMEs in Hong Kong since its opening in September 2020. It focuses on providing efficient and flexible banking services, such as account opening, transfers and loans.
For SMEs to obtain banking and financing services, they have faced various challenges.
PAOB is fully aware of this, and therefore creates different scenarios to provide appropriate solutions for SME customers.
Through cooperation with business partners, PAOB establishes a virtual banking ecosystem and analyzes the company's customers' operating models, financial conditions and credit risks on a unique risk assessment platform.
This innovative alternative credit approval model is much faster than traditional approval methods, and the required documents are greatly reduced, greatly improving the efficiency of account opening and loan approval.
With the support of PAOB's innovative technology, SMEs and retailers can naturally capture business opportunities flexibly, expand and even transform.
SME loan assets reached 1 billion Hong Kong dollars in the first year of opening, and the operating figures are also bright
PAOB entered the Hong Kong banking market for just one year and has already recorded impressive results.
As the first virtual bank to provide a "90% credit guarantee product" under the "SME Financing Guarantee Scheme", PAOB has a market share of 41% in this credit product (Note 1).
Among the customers who have approved loans, 78% have never obtained unsecured loans from other banks.
Virtual banks use financial technology to provide services without having to bear branch rents and other expenses, and are able to operate at a lower cost.
PAOB also gave full play to this advantage. In addition to providing lower loan interest rates to SME customers, it also recorded gross profit margins and net interest margins of 6.9% and 6.3% respectively (Note 2).
The rapid growth of the business is also reflected in the overall revenue figures: as of the end of August 2021, PAOB's loan interest income increased by 34% month-on-month (Note 3).
From the above data, it can be seen that PAOB has indeed discovered a market that has been neglected in the past, which not only effectively meets the needs of small and medium-sized enterprises, but also expands the contact surface of the overall banking industry, promotes inclusive finance, and helps Hong Kong’s economy to overcome adversity. Contribute to the road to recovery.
Notes:
1. In the 2021 August 2 to 27 have been approved by the secured number terms
2. As of August 31, 2021
3 of 31 December 2020 to 31 August 2021
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(Information and photos provided by the customer)