HSBC and HKTVmall to rollout digital trade finance solution in Hong Kong

By Edil Corneille

HSBC and HKTVmall announced a new partnership that utilises commercial data to roll out a simpler and faster digital trade finance solution, supporting SMEs that are seeking to thrive in the e-commerce market in Hong Kong. Under the partnership arrangement, a new programme that makes it easier for merchants to get access to digital trade finance will be launched later this year. HKTVmall will provide merchant data including turnover and refund records of different types of goods for HSBC to analyse and forecast business performance during credit assessment and monitoring process.

HSBC and HKTVmall are participants of the Commercial Data Interchange (CDI) project, initiated by the Hong Kong Monetary Authority with a view to enabling more efficient financial intermediation and enhancing financial inclusion in Hong Kong. Both parties will also collaborate on unleashing the potential of big data analytics and API technology in enhancing customer experience.

A pilot scheme has already extended offers of digital trade finance solution based on merchant’s turnover data provided by HKTVmall. The pilot digital trade loan was provided to Cleanic Cleaning Equipment.

Terence Chiu, Head of Commercial Banking, Hong Kong, HSBC, said: “As a key member of fintech ecosystem in Hong Kong, HSBC sees the importance of collaborating with different players to foster innovation and match the rapid evolution of the market. We are pleased to join hands with HKTVmall to support online merchants by pioneering new ways of using data to simplify the loan approval processes. This partnership promises to drive innovation in the way that big data can make customers’ lives easier and support digital transformation for Hong Kong’s business community.

Alice Wong, Group Chief Financial Officer, HKTV, said, “HKTVmall is committed to establishing a unique ‘Digital Ecosystem’, aiming to contribute further to make Hong Kong a smarter city. Earlier this year in mid-January, we have launched ‘HKTVmall Open Databank’, in which we share our eCommerce data with the society, uniting the power of professionals from different industries and unleashing the potential of data. This partnership has indeed taken us one step further, showcasing how to turn actual e-Commerce operational data into a credit assessment and monitoring tool to make commercial financing smarter and more efficient.”