HSBC becomes HKTVmall's first partner to offer digital financing solution

HSBC becomes HKTVmall's first partner to offer digital financing solution

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HSBC has announced a new partnership with HKTVmall, utilising commercial data to roll out a simpler and faster digital trade finance solution for SMEs. 

Both HSBC and HKTVmall are participants of the Commercial Data Interchange (CDI) project initiated by the Hong Kong Monetary Authority with the goal of enabling more efficient financial intermediation and enhancing financial inclusion 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 the credit assessment and monitoring process.

HSBC is HKTVmall's first banking partner to offer digital financing solutions. A pilot scheme has already extended offers of digital trade finance solutions based on merchant’s turnover data provided by HKTVmall. The pilot digital trade loan was provided to household cleaning equipment and tools company Cleanic Cleaning Equipment. 

“As a key member of the 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. 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," said Terence Chiu, head of commercial banking, Hong Kong, HSBC.

This partnership is not HKTVmall's first step to support the city's e-commerce market. Earlier this year in January, the company launched HKTVmall Open Databank, through which HKTVmall share its e-commerce data with the society, uniting "the power of professionals from different industries and unleashing the potential of data."

HKTV's group chief financial officer Alice Wong commented, "HKTVmall is committed to establishing a unique digital ecosystem, aiming to contribute further to make Hong Kong a smarter city. 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.”

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