ZA Bank & Global Payments: Enhancing Digital Lending

ZA Bank is no stranger to innovation. 

The institution was part of the initial influx of virtual banks in Hong Kong and, upon its public launch in 2020, became the city’s first fully operational bank of this kind. 

In the ensuing years, the firm has worked tirelessly to create innovative services that better serve the needs of Hong Kong customers.

Continuing in this vein, ZA Bank has formed a groundbreaking strategic partnership with Global Payments Asia-Pacific, the local subsidiary of Global Payments, to enhance digital lending experiences. 

It becomes Global Payments’ first virtual banking partner in Hong Kong to offer SME financing solutions through credit modelling, meaning eligible retail merchants in Global Payments’ ecosystem can enjoy faster and easier access to ZA Bank’s credit facilities.

Delivering an innovative banking experience

Established by ZhongAn Technologies International Group, better known as ZA International, ZA Bank was licensed by the Hong Kong Monetary Authority in 2019 before its launch a year later. 

In 2021, the firm officially launched business banking in a bid to deliver an innovative banking experience to local SMEs. 

Based on market data as of 30 June 2023, ZA Bank had gained the support of around 700,000 users, making it the largest virtual bank in Hong Kong in terms of customer base.

This has allowed the organisation to earn a leading position in the virtual banking industry in terms of customer deposits and assets. 

But perhaps where ZA Bank stands out most is with its community-driven approach, encouraging users to directly contribute to product development and design processes.

Recognition came in the form of the ‘Virtual Bank of the Year – Consumer’ award at the Asset Triple A Digital Awards 2023.

Streamlining the credit assessment process

Through its partnership with Global Payments, ZA Bank is set to digitise and streamline the credit assessment process for business loan applications from Global Payments’ merchants in Hong Kong. 

By looking at the company’s actual business activities, the automated loan decisioning approach reflects the credit health of Global Payments’ merchants without the need to endure the hassle of tedious document submissions.

“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,” explains Devon Sin, Alternate Chief Executive at ZA Bank.

“We’re pleased to join hands with Global Payments to cover this underserved segment, leveraging the power of alternative data to offer more convenient access to credit facilities with a seamless and customised banking experience of the future.

“By leveraging Global Payments’ extensive merchant network, we seek to provide timely support to the SME community and unleash their growth potential in this challenging business environment.”

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