Ping An OneConnect Bank and FWD Hong Kong have formed Hong Kong's first bank-insurance "Commercial Data Interchange" partnership, streamlining loan applications for SMEs. The collaboration uses Ping An OneConnect Bank's fintech expertise and FWD's commercial data to enhance financial services for SMEs.
Performing SME lending amidst growing challenges: Safe, smooth & sustainable remains the key to success
Both institutions actively support government initiatives to enhance Hong Kong's data infrastructure and are the first virtual bank and insurer to join the Hong Kong Monetary Authority's "Commercial Data Interchange" (CDI) initiative. This cooperation promotes cross-sector data interchange, simplifies the Know Your Customer (KYC) process for Ping An OneConnect Bank, and accelerates loan applications. Additionally, it empowers FWD's corporate clients to access more efficient banking services.
Mr. Michael Fei, Executive Director and Chief Executive of Ping An OneConnect Bank, said, "We are thrilled to establish this groundbreaking partnership with FWD, leveraging our digital technology and FWD's commercial data to enhance the financial service experience for SMEs. As the first virtual bank in the Hong Kong Monetary Authority's CDI initiative, Ping An OneConnect Bank actively supports fintech development in Hong Kong, aiming to provide SME customers with convenient and cost-effective financial services, enabling them to capitalize on market opportunities."
Mr. Ken Lau, FWD’s Managing Director for Greater China and Hong Kong Chief Executive Officer, added, "FWD is the first insurer participating in the Hong Kong Monetary Authority's CDI initiative, and we are excited to collaborate with Ping An OneConnect Bank. We are dedicated to supporting fintech development in Hong Kong and personalizing the customer experience using digital and new technologies. Offering customers more seamless financial services is a crucial part of FWD's vision to change people's perception of insurance."
