June 2021, Hong Kong – Ping An OneConnect Bank (Hong Kong) Limited (“Ping An OneConnect Bank” or “PAOB”) and eft Payments (Asia) Limited (“eftPay”) today announced that, both parties have entered into a strategic partnership. PAOB is the first virtual bank in Hong Kong to provide inclusive financial services for small and medium-sized enterprises (“SMEs”), while eftPay provides one-stop electronic payment services for SMEs, covering not less than 22,000 stores in Hong Kong. The collaboration leverages the leading edges of both parties to provide better financial services to the local SMEs across various industries.
Since the outbreak of COVID-19, many local retailers have looked for ways to transform their business model and survive, some merchants did successfully find their opportunities amid the crisis while some failed due to the financing constraints. Timely financing has become a critical factor contributing to their success. eftPay provides a wide-range of solutions for local retailers, including mobile payment, new retail and customised products. Meanwhile, PAOB is dedicated to utilise financial technology and big data analysis to solve the financing problems and provide efficient and flexible banking services to local SMEs. Both parties believe that the partnership creates significant synergies, enabling more retailers to benefit from this.
Mr. Ryan Fung, Chief Executive of PAOB, said, “SME has been one of the major pillar segments contributing to Hong Kong’s economy. However, they suffer most severely over the pandemic period, their business operations have been under constraints from timely and seamless financing support. Some have missed out potential opportunities. We are very pleased to announce the strategic partnership with eftPay, this marks the important milestone to PAOB as we successfully expanded our customer reach from trade SMEs to retailers. We firmly believe that the collaboration with eftPay will enable us to better understand the needs of retailers, and provide timely banking services to them.”
Mr. Andrew Lo, Chairman and Chief Executive Officer of eft Payments (Asia) Limited said, “eftPay is committed to providing a comprehensive electronic payment services for various merchants. During the COVID-19 pandemic, we found that many high-quality merchants saw opportunities in crisis, and they seek for switching to larger stores, relocating to more crowded areas, as well as expanding business and developing new brands, etc. The partnership with PAOB helps to satisfy the financial needs of SMEs and allows them to seize business opportunities.”
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