Hang Seng Bank, QFPay HK offers faster loans to SMEs

SMEs need only share their commercial information in the Commercial Data Interchange.

Hang Seng Bank has partnered with QFPay HK to offer faster financing to small and medium enterprises (SME) merchants.

The two will make use of the Hong Kong Monetary Authority’s data infrastructure Commercial Data Interchange (CDI). It connects the two companies’ digital platforms through API to enable the consented access and secure using of commercial data by the bank, according to the press release.

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QFPay HK merchants can now share their commercial data in the CDI through answering a questionnaire on a digital consent form. Once shared, Hang Seng Bank can then access the customer’s data in order to make the right lending decisions.

This will reportedly save customers’ time when applying for loans by reducing turnaround time.