Hong Kong-based virtual bank ZA Bank is partnering with payments technology and software solutions provider Global Payments Asia-Pacific (Hong Kong) to enhance the digital lending experience for small and medium-sized enterprise (SME) in Hong Kong.

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

Through the partnership, ZA Bank will digitize and streamline the credit assessment process for business loan applications from Global Payments’ merchants in the city. 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, the companies say, “to run through 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,” adds Devon Sin, the bank’s alternate chief executive. “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.”