Innovation is nothing new to ZA Bank.

The establishment was among the first wave of virtual banks to open in Hong Kong, and it was the first of its kind to operate fully when it opened for business to the public in 2020.

The company has put forth a lot of effort in the following years to develop cutting-edge services that better meet the needs of Hong Kong clients.

In keeping with this, Global Payments Asia-Pacific, the local arm of Global Payments, and ZA Bank have established a ground-breaking strategic alliance to improve digital lending services.

As a result, qualifying retail merchants in Global Payments' ecosystem will have quicker and simpler access to ZA Bank's credit facilities. It also becomes the first virtual banking partner of Global Payments in Hong Kong to offer SME financing solutions through credit modeling.

Providing a cutting-edge banking encounter

The Hong Kong Monetary Authority granted ZA Bank a license in 2019 before to its inauguration the following year. ZA Bank was founded by ZhongAn Technologies International Group, also known as ZA International.

The company formally introduced business banking in 2021 in an effort to provide nearby SMEs with a cutting-edge banking experience.

By the end of June 2023, ZA Bank had amassed a customer base of almost 700,000, according to market figures, making it the biggest virtual bank in Hong Kong.

Because of this, the company now holds a dominant position in the virtual banking sector with regard to assets and customer deposits.

However, ZA Bank's community-driven strategy, which invites users to actively participate in the design and development of new products, may be what makes it stand out the most.

At the Asset Triple A Digital Awards 2023, recognition came in the shape of the "Virtual Bank of the Year - Consumer" title.

Simplifying the procedure for evaluating credit

ZA Bank plans to digitize and expedite the credit assessment procedure for business loan applications from Global Payments' merchants in Hong Kong by means of its relationship with the latter.

The automated loan decisioning approach reflects the credit health of Global Payments merchants by examining the company's actual business activity, saving merchants the trouble of having to submit several documents.

According to Devon Sin, Alternate Chief Executive of ZA Bank, "SMEs play a vital role in supporting Hong Kong's economic growth, yet access to funding has been a major pain point in the traditional credit scoring model which relies on collaterals and financial documentation."

We are happy to collaborate with Global Payments to address this underserved market. By utilizing alternative data, we will be able to provide more accessible access to credit facilities along with a smooth and personalized banking experience in the future.

"We aim to provide timely support to the SME community and unleash their growth potential in this difficult business environment by utilizing Global Payments' extensive merchant network."